Trading Short WTI & Brent. Gold on the Rise Again! Can Bailey Help GBP?

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at Gold (XAUUSD), GBPUSD, WTI (US Oil) and Brent Crude (UK Oil).

The markets will be watching the price of Crude Oil this week as Joe Biden will try to release oil from the Strategic Petroleum Reserve (SPR) to try to lower current prices.

OPEC may reconvene this week to help but their belief is that the price of Crude is inflated because of the shortage of Natural Gas.

Price action on Brent Crude opened higher with a gap so let’s see if we fill the gap this week.

Meanwhile, watch the Crude Oil Inventories figures Wednesday.

Jerome Powell Will be speaking twice this week about the economy, after a very good Non-Farm Payroll report last week, and CPI data due on Wednesday.

USD is stronger based on this but Powell may delay any Interest Rate decisions, which has helped the price of Gold.

This, along with falling bond yields, has pushed the price of Gold well past the $1,800 level and the CPI data Wednesday will be important here as well.

Last week, the Bank of England did not do a great job communicating with the markets and GBP fell dramatically.

Andrew Bailey did not raise Interest Rates but he will be speaking Tuesday to try to end the confusion and we have GDP data Thursday and we hope that both of these will help Pound Sterling.

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