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Oil lower, gold shines

Started by PocketOption, Dec 08, 2022, 02:58 pm

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Oil lower, gold shines



Crude prices declined as energy traders quickly abandoned bullish bets that we will see a price spike once the n cap on crude oil would be put in place. ​ It seems oil markets are only caring about a steady deterioration with the demand outlook. The latest EIA crude oil inventory report showed inventories dropped less than expected and exports tumbled. ​ Exports fell 30%, which is the lowest level since October. ​ Gasoline inventories are rising as demand struggles. ​ This report shows the economy is clearly weakening and does not give energy bulls any reasons to buy into this weakness. ​


Everything is starting to go gold's way; the dollar is softening, recession risks are rising, and geopolitical tensions are escalating. ​ Non-interest-bearing gold will continue to thrive if Treasury yields continue to slide. ​ This is a good environment for gold as safe-haven flows seem like they will be the theme of the new year. ​ Gold will likely trade back and forth through the $1800 level leading up to next week's FOMC decision. ​

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