Gold Rises Post ECB's Klot Comment And Canadian CPI Report - MarketPulse

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ECB’s Knot (hawk) noted that for July I think it is a necessity, for anything beyond July it would at most be a possibility but by no means a certainty
Canadian headline CPI was 2.8%, versus 3% expected, which should allow the BOC to keep rates on hold
Global crypto market cap hovers around $1.2 trillion

Olio

Crude prices are steadying here on expectations that the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households. With Russian flows falling to a six-month low, expectations are growing that OPEC+ will keep this market tight throughout the summer. China Commerce Ministry (MOFCOM) is pressuring financial companies to improve support on household spending. Further speculation of a Q3 RRR cut from China should also keep the oil market supported as that should imply China’s economy will only get better, which should be good news for the crude demand outlook going forward.

Brent crude looks like it wants to find a home above the $80 level and that shouldn’t be too hard as long as the crude demand outlook doesn’t get blindsided.

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Gold traders have their rally caps on after ECB’s Knot signaled they could be ready to pause in September and after Canadian inflation dropped to the BOC’s control range for the first time since March 2021. Global bond yields are falling and that is good news for bullion investors.

So far this earnings season, the big banks have outlined a vision that includes slowing growth in the US, which should allow the Fed to be one and done with rate hikes. Unless core inflation proves to be a lot stickier than Wall Street fears, the peak in global rates should be in place by the fall. Gold might struggle to make a run at the $2000 level, but that could change if bond yields continue to come down and the Fed signals they are likely done hiking next week after delivering one last quarter-point rate rise.

Bitcoin

Bitcoin continues to waver, tentatively falling below the $30,000 level, which is just the June low. As the cryptoverse awaits a pivotal Bitcoin ETF update, flows remain dormant. The institutional money is not buying right now and retail is struggling with the current macro backdrop. Bitcoin seems poised to be stuck in a range, which could warrant a slightly further dip towards the $29,500 level.

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Ed Moia

Analista di mercato senior, Americhe at OANDA

Con oltre 20 anni di esperienza nel trading, Ed Moya è un analista di mercato senior con OANDA, che produce analisi intermarket aggiornate, copertura di eventi geopolitici, politiche della banca centrale e reazione del mercato alle notizie aziendali. La sua particolare esperienza risiede in un'ampia gamma di classi di attività tra cui FX, materie prime, reddito fisso, azioni e criptovalute. Nel corso della sua carriera, Ed ha lavorato con alcuni dei principali broker forex, team di ricerca e dipartimenti di notizie di Wall Street, tra cui Global Forex Trading, FX Solutions e Trading Advantage. Più recentemente ha lavorato con TradeTheNews.com, dove ha fornito analisi di mercato su dati economici e notizie aziendali. Con sede a New York, Ed è ospite regolare di diverse importanti reti televisive finanziarie tra cui CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business e Sky TV. I suoi punti di vista sono considerati affidabili dalle testate giornalistiche globali più rinomate al mondo, tra cui Reuters, Bloomberg e Associated Press, ed è regolarmente citato nelle principali pubblicazioni come MSN, MarketWatch, Forbes, Breitbart, The New York Times e The Wall Street Journal. Ed ha conseguito una laurea in economia presso la Rutgers University.