Gold Prices during Risk as Crude Oil Awaits Canada GDP Data

Gold, XAU/USD, Crude Oil, Canada GDP – Talking Points:

  • Gold prices might be during risk to branch reduce ahead
  • Crude oil prices saw a best day in over 3 weeks
  • Canada GDP might boost view in entrance hours

Anti-fiat bullion prices spent a prior 24 hours in range-bound trade that was also seen in a US Dollar and in longer-dated Treasury yields. The latter dual are pivotal fundamental drivers for XAU/USD. Financial markets spent Monday recuperating from a risk hatred tinge left behind during a finish of final week. The SP 500 and Dow Jones sealed +1.47% and +2.32% respectively.

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The alleviation in risk ardour upheld growth-oriented wanton oil prices as WTI gifted a best day in over 3 weeks (+3.8%). A multiple of flushed US home sales and Boeing being given a greenlight to start contrast a uneasy 737 MAX craft expected improved marketplace mood. This is as US coronavirus cases usually climbed 1.2% over a past 24 hours, reduce than a prior week’s 1.6% average.

Crude oil prices might continue climbing as SP 500 futures indicate aloft following better-than-expected Chinese production PMI data. The latter might have upheld tellurian expansion liberation bets, that could be underscored by arriving Canadian GDP data. For bullion prices, a near-term arena is more uncertain. Rising confidence in financial markets might boost supervision bond yields during a responsibility of USD.

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Gold Technical Analysis

Gold prices have left behind a Doji candlestick on a daily chart. This is a pointer of hesitancy that could convey a spin reduce given a tighten reduce ahead. That would place a concentration on nearby tenure rising support from a commencement of Jun – red line. Otherwise, serve gains might see a changed steel continue on a discreet tour towards a 2012 high during 1795.

XAU/USD Daily Chart

Gold Prices during Risk as Crude Oil Awaits Canada GDP Data

Chart Created Using TradingView

Crude Oil Technical Analysis

WTI wanton oil prices sojourn underneath pivotal insurgency during 40.42 – 41.60. Immediately below, a 20-day elementary relocating normal (SMA) sits as support. Resuming a uptrend entails pulling above a former, opening a doorway to contrast 43.87, a Jan low. Otherwise, a skirmish by a 20-day SMA opens a doorway to contrast 39.40. Taking out a latter exposes 37.10.

WTI Crude Oil Daily Chart

Gold Prices during Risk as Crude Oil Awaits Canada GDP Data

Chart Created Using TradingView

— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To hit Daniel, use a comments territory next or @ddubrovskyFX on Twitter