Oil Higher, Gold Skyrockets
2022.11.11 08:01
prices were heavy early as concerns grew over China’s COVID situation. Energy traders were quick to jump back on the oil trade after a cool report brought hopes back to life that the US economy could still have a soft landing.
The inflation report showed fuel prices surged 19.8% before the cold weather arrives. The oil market is going to remain very tight this winter and that should keep oil prices heading higher.
Gold surges as US inflation dips
prices are surging after a cool inflation report has made markets confident that the Fed can downshift to a half-point-rate-hiking pace and possibly be done with tightening after the March FOMC meeting. It looks like the died today and chaos in crypto has made good ol’ gold very attractive again.
Gold is breaking out here and it could have a steady path towards the $1800 level if dollar weakness remains.
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