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Home» Daily Market Review » DMR - August 1st 2012

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DMR - August 1st 2012

Posted on August 1, 2012 by admin in Daily Market Review No Comments

Oil:

Oil traders have much to look forward today as an FOMC statement will follow the ADP employment rates, and the Institute for Supply Management’s manufacturing PMI results.

After trading between $88 and $90 a barrel for the past few days, it looks like oil will try to gain momentum and cross the resistance level of $90, this time for longer than the few hours witnessed in the past week.

Good employment results from the US today may also push oil demand before the monthly NFP results this coming Friday.

Oil inventories published today will disclose oil the supply after three consecutive surprises in inventories these past three weeks.

It is important to mention that oil inventories are very limited in their effect, especially in the short term when statements and financial reports are published.

Gold:

Trading above $1600 gold lay his prospects in the hands of central bankers, the Fed and the ECB. The tri of announcement that will start with the FOMC’s statement today will continue with Thursday’s ECB meeting results from Draghi and end with Friday’s NFP results.

This trio will build volatility in gold’s price movements and is likely to widen its trading range to $1570 to $1630 levels.

Good employment results today are likely to depreciate gold as expectations for another move by the Fed will dim. As mentioned in Bernanke’s last testimony, any action will be correlated by the duality of the Fed approach, as he considers good employment levels to be one of his main goals and priorities for an economic recovery.

Investors could see the selling of gold on a large scale if employment figures improve but no robust plan by the FOMC is published.

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