Asia - Commodities Fundamental Forecast | 19 December 2023
Gold (XAU)
Key news events today
Building Permits (1:30 pm GMT)
What can we expect from Gold today?
Building permits, which measure the future level of home construction activity, have been moving sideways in the second half of 2023. The estimate of 1.46M permits for the month of November points to a continuation of this trend. Should permits print lower than expected, such a result could function as a bearish catalyst for the dollar and thus boost gold prices.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
API Weekly Crude Oil Stock (9:30 pm GMT)
What can we expect from Oil today?
Crude oil prices spiked briefly overnight as news of attacks on container ships and tankers in the Red Sea came to light. Missile and drone attacks on several vessels in the Red Sea prompted several shipping companies to divert their vessels away from this region, pointing to a much longer route around the Cape of Good Hope to avoid the Suez Canal. WTI oil jumped as high as $74.60 per barrel but reversed sharply to trade around $73.00 as Asian markets came online.
Next 24 Hours Bias
Weak Bearish