Forecast trend for XAUUSD and XTIUSD ( CRUDE OIL) for 9th August to 16th August 2022.
GOLD XAU/USD
1) Consumer Product Index is high, lead to high inflation, supposely for US dollar to drop however due FED increase interest rate would help to stabilise price thus strengthening US dollar through their monetary policy.
2) Producer Price Index ( PPI) is high which will lead to strengthening of US dollar. Consumers will be charged more for the goods and services, thus increasing the cost to customer.
3)UOM sentiment is higher and will lead to higher US dollar.
CRUDE OIL XTI/USD
1) Level of inventories influence the price of crude oil. Higher crude oil inventories, weaker demand and is bearish which will lead to US dollar strengthening.
2) All the energy sectors are also having large inventories thus lead to lower oil price.
News from Investing.com
1) The update to the US Consumer Price Index (CPI) may curb the recent advance in the price of gold even though the headline reading is expected to narrow in July as the core rate of inflation is anticipated to increase to 6.1% from 7.9% per annum in June.
2) WTI crude oil prices struggle to extend the latest rebound at around $90.00 during Tuesday’s initial Asian session. Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday’s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns
3) Analyst support on the bearish trend for XAUUSD AND WTI Crude oil
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Source : Investing.com and forexfactory.com
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