Since the agreement between China and the USA on a provisional deal could obviously be delayed until December, the gold price is currently treading water.
In the current price range of 1,490 dollars, a massive chart technical bottom has formed in the meantime, which must now be defended. For the time being, there is no tailwind from the US Federal Reserve due to the announced pause in expansionary monetary policy. The market players are now eagerly awaiting the weekly initial applications for US unemployment assistance, which will be published at 2.30 pm. According to a survey of analysts published by Trading Economics, the number of new unemployed has fallen slightly from 218,000 to 215,000. The slight strength of the dollar and the rise in US yields on ten-year US government bonds have so far prevented a comeback above the 1,500 dollar mark.
On Thursday morning, the gold price presented itself with stable quotations. Until around 8.00 a.m. (CET), the most actively traded future on gold (December) fell by 0.10 to 1,493.00 dollars per troy ounce.
Crude oil: Sideways after a slump
Because the 7.9 million barrels increase in crude oil inventories reported by the US Energy Agency (EIA) yesterday (Wednesday) exceeded both analysts’ forecasts (1.5 million barrels) and the 4.3 million barrels reported by the API, the fossil fuel plummeted by midweek. This was brought to a standstill in early Thursday trading.
On Thursday morning the oil price presented itself with held quotations. Until about 8.00 o’clock (CET) the next WTI future increased in price by 0.01 to 56.36 dollars, while its counterpart on Brent fell back by 0.02 to 61.72 dollars.