Oil:
Oil has been trading below $90 a barrel the past 2 days in an effort to break the barrier with anticipated news from the EU and the US. Publications today from the US in regard to unemployment claims could impact the price of oil and good news will probably test with success the current resistance level.
The durable goods orders will also be published at the same time and will likely effect the markets to some extent. Investors are advised to take both announcements into consideration when deciding what to trade.
Following this, data on pending home sales will be next announcement from the American market and is expected to have the same impact on the price of oil. Bad news could strengthen the conflict between stimulus expectations and low growth.
Gold:
After trading sideways on a 1570-1590 range, gold has broken the $1600 barrier related to high monetary easing expectations from Europe and the Fed. The ECB president, Draghi, is due to speak later today. Any clues he may reveal about robust EU support will have a very bullish impact on gold, especially in light of the fact that bond yields from Spain and Italy have surged to dangerous levels.
Gold trading at levels higher than $1600 is very volatile and limit orders can easily push the price to above $1620.
The results from the US market, as mentioned above, could contradict gold prices as stimulus expectations are very fragile at these levels of gold trading.