Investing.com investing.com 11 Jan, 2021 11:30 am

Commodities Week Ahead: Gold In Dire Straits, China Lockdown Crimps Oil

Commodities Week Ahead: Gold In Dire Straits, China Lockdown Crimps Oil
Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: XAU/USD, US Dollar Index Futures, Gold Futures, Brent Oil Futures. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com

Other Fed speakers making appearances this week include Atlanta Fed President Raphael Bostic , Cleveland Fed President Loretta Mester , Boston Fed President Eric Rosengren , Fed Governor Lael Brainard , Philadelphia Fed President Patrick Harker and Fed Vice Chairman Richard Clarida .p Expectations that US consumer price inflation data on Wednesday will show a mild uptick could keep gold trading in a $1,830-$1,850 range, and staunch the logic-defying selling that took the yellow metal down by more than $100 from last week’s highs.The yellow metal has never regained its glory since tumbling from the record high of nearly $2,090 that week.Jeffrey Halley, the Sydney-based head of Asian analysis for online broker OANDA, believes the yellow metal could slip further under $1,790, adding: “Failure at $1760.

Since Tuesday’s announcement by the kingdom that it will cut an additional million barrels per day from its production in February and March, the oil market’s attention has been almost entirely on the potential for reduced global supplies.63 million barrels per day now and accounting for 33% of production: most of it is going to China.

Read full story at investing.com