Ed Moya (Oanda) talks crude oil and hold

Oil eases
Make or break week for gold?

Oil eases

Oil prices are a little lower today although nothing has dramatically changed in recent weeks as far as the outlook is concerned. The global economy is facing major challenges, even recession, OPEC+ is prepared to make unpopular cuts alongside member Russia, whose war in Ukraine has been a dominant driver of market volatility. China’s economic stumble driven partly by its commitment to zero-Covid also continues to dampen the outlook for demand. Brent continues to settle in the $90-100 range which all parties may just about accept for now. Well, after the midterms for a little while perhaps.

Make or break week for gold?

Gold continues to be choppy but its outlook hasn’t improved at all, with rallies continuing to face significant resistance and $1,600-1,620 looking very vulnerable. Its resilience will certainly be put to the test this week though, given the Fed meeting on Wednesday and US jobs report on Friday. Not to mention the scattering of data around those events. Time will tell whether it proves to be the week that starts the resurgence or the straw that breaks the camel’s back.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Oil eases, gold choppy - MarketPulseMarketPulse

Ed Moya

With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.

Ed Moya (Oanda) talks crude oil and hold - 31/10/22

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