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July 4, gold futures rose, shaking off the earlier decline caused by stronger-than-expected U.S. non-farm payrolls data. Analysts at Commerzbank said in a report that gold prices are expected to close flat this week after recovering the losses caused by Thursdays employment report. The bank said the report was generally mixed, but the slight drop in the unemployment rate should make the Federal Reserve optimistic that the uncertainty surrounding U.S. tariff policies has not yet dealt a severe blow to businesses. The Federal Reserve may continue to delay rate cuts, which is a negative factor for gold, analysts wrote. However, the main support for gold prices comes first from volatile U.S. policies, which are eroding investor confidence in U.S. assets and boosting safe-haven demand for gold.International Atomic Energy Agency: A team of IAEA inspectors has safely left Iran and returned to its headquarters in Vienna today, following a stop in Tehran during the recent conflict.According to the Wall Street Journal: The United Nations withdrew its inspectors from Iran for security reasons.On July 4, a document showed that Google (GOOG.O) was hit by an EU antitrust complaint. A group of independent publishers complained about its AI overview feature and asked Google to take interim measures to prevent irreparable harm to them. Googles AI overview feature is an AI-generated summary that is displayed above traditional hyperlinks to related web pages and is shown to users in more than 100 countries. Last May, the company began adding ads to the AI overview. Googles integration of artificial intelligence into search is the companys biggest bet, but the move has raised concerns among some content providers such as publishers.Market news: Google (GOOG.O) faces EU antitrust complaints, and independent publishers have filed charges against its AI overview. Publishers seek EU interim measures, claiming irreparable damage to competition. Similar complaints and requests for interim measures have also been submitted to the UK competition regulator.

WTI bulls enter at critical support and eye the Federal Reserve

Daniel Rogers

Sep 20, 2022 14:31

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West Texas Intermediate is currently up 0.11 percent on the day and has traded between $82.11 and $86.21 bbls. The black gold was reversing early offers that led to the lows even as US dollar bulls came in as markets awaited the Federal Reserve and a multitude of other central banks this week.

 

Fed funds futures have priced in a 79% chance of a 75-basis-point rate hike this week and a 21% chance of a 100-basis-point boost at the conclusion of the two-day Fed policy meeting. Nonetheless, some analysts predict that the central bank could move to increase interest rates by a full percentage point after August inflation exceeded expectations. The DXY index indicates that the demand for safe haven assets, such as the U.S. dollar, is close to its 20-year high. As a result, the demand for oil may decrease, and the dollar's demand as a safe haven asset nears a 20-year high.

 

Nonetheless, China eased a two-week lockdown on the 21 million residents of Chengdu, restoring normal activity to the capital of Sichuan, which may have contributed to the increase in oil prices at the beginning of the week. The Department of Energy said on Monday that the United States will sell 10 million barrels of oil from its strategic reserve for delivery in November.

 

"The markets are increasingly pessimistic about the likelihood of a rapid resolution to the Iran issue, which has resulted in a revival in energy supply risks despite the continuous decline in prices. As markets reprice supply risk premiums, the lack of liquidity might amplify crude's upward volatility, according to TD Securities analysts.


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