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The EIA crude oil production implied demand data for the week ending June 19 in the United States was 20.259 million barrels per day, compared with 20.12 million barrels per day in the previous week.1. EIA Report: U.S. crude oil exports increased by 342,000 barrels per day to 4.669 million barrels per day in the week ending June 19. 2. EIA Report: U.S. domestic crude oil production increased by 13,000 barrels to 13.819 million barrels per day in the week ending June 19. 3. EIA Report: Commercial crude oil inventories, excluding strategic reserves, decreased by 6.088 million barrels to 412 million barrels, a decrease of 1.46%. 4. EIA Report: The four-week average supply of U.S. petroleum products was 20.473 million barrels per day, an increase of 2.11% compared to the same period last year. 6. EIA Report: U.S. commercial crude oil imports, excluding strategic reserves, were 5.57 million barrels per day in the week ending June 19, an increase of 436,000 barrels per day from the previous week.U.S. EIA Strategic Petroleum Reserves fell by 9.06 million barrels in the week ending June 19, compared with a previous weeks decrease of 8.941 million barrels.U.S. crude oil inventories at Cushing, Oklahoma, reported a decrease of 1.077 million barrels in the week ending June 19, compared to a decrease of 1.606 million barrels in the previous week.U.S. EIA crude oil inventories for the week ending June 19 decreased by 6.088 million barrels, compared to an expected decrease of 4.461 million barrels and a previous decrease of 8.263 million barrels.

Forecast for Gold Price: XAU/USD sellers near $1,955 confluence as yields recover amid banking and growth concerns

Alina Haynes

Mar 27, 2023 14:38

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Gold price (XAU/USD) falls $1,970 over the course of a two-day losing trend preceding Monday's European session. In doing so, the precious metal justifies the most recent revival in US Treasury bond yields and the US Dollar, while extending yesterday's U-turn from the key resistance zone.

 

As First Citizens bank agrees to purchase a sizable portion of Silicon Valley Bank, dwindling banking jitters may also be a factor. (SVB). In recent days, the XAU/USD has been weighed down by hawkish Fed comments, the pace of China's growth, one of the world's largest Gold consumers, as well as primarily US data.

 

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned that "risks to financial stability have increased," prompting an investigation into Gold sellers. On the same vein, Minneapolis Fed President Neel Kashkari voiced concerns about an impending US recession.

 

US Dollar Index (DXY) prints a three-day uptrend near 103.12 as traders prepare for important inflation data on Friday, specifically the US Core Personal Consumption Expenditure (PCE) Price Index for February.

 

In spite of this, 10-year US Treasury bond yields increased by two basis points to 3.40 percent, while their two-year counterpart ended a three-day losing trend close to 3.85 percent as of press time.

 

Moving forward, the Gold price remains on the bears' radar due to the failure of traders to overcome the critical resistance and the month-end consolidation. However, Friday's release of the Fed's favored inflation gauge becomes crucial for XAU/USD traders seeking direction.


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