Oil Edges Higher, Strong Dollar Disrupts Gold’s Ascent
2023.07.20 17:30
- WTI Crude open interest plunges to lowest levels since January
- Gold tumbles after reaching a two-month high
Oil
prices are drifting higher on what is a very slow news day for crude. Yesterday’s declining stockpile data and weak demand stats didn’t help oil extend its recent rally. Today’s US data painted a mixed picture for the economy as the labor market still looks tight, while other parts of the economy remain weak. looks like it wants to find a home below the $80 level and that might support a broadening formation until next Wednesday’s EIA report and FOMC meeting.
Gold
is weakening as surge after jobless claims reminded us how strong the labor market remains. Gold continues to come off a two-month high as Fed rate hike bets edge higher. Gold is looking a little heavy here as prices approach key support that has been in place for most of the month of July. A drop below the $1960 level could trigger some momentum selling towards $1940.
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