Towards the middle of the week, the gold price continues to move sideways and thus forms the technical chart formation of a triangle.
Now the market players are waiting for a breakout – either upwards or downwards. A wait-and-see attitude can also be discerned from fundamental aspects. While in the Chinese-U.S. trade dispute, signals of relaxation were more likely to be observed, the hope of a quick solution to the Brexit chaos has been shattered for the time being. After Johnson’s defeat in the vote, a regulated Brexit by the end of October is considered extremely unlikely. However, the announcement of the ECB meeting results tomorrow, Thursday, will also create additional tension. Concrete decisions are not expected, but the press conference with ECB President Mario Draghi could certainly generate new impulses on the gold markets.
On Wednesday morning the gold price presented itself with slightly higher quotations. The most actively traded future on gold (December) rose by 4.60 to 1,492.10 dollars per troy ounce by 8.00 a.m. (CEST).
Crude oil: minus after API stock plus
Because the report published on Tuesday evening by the American Petroleum Institute showed an increase in inventories of 4.5 million barrels, the price of oil tended to fall slightly. Analysts had expected stock levels to rise by only 2.2 million barrels. Market players are now eagerly awaiting the US Energy Information Administration’s weekly report scheduled for the afternoon (16:30).
On Wednesday morning the oil price presented itself with declining quotations. Until around 8.00 a.m. (CEST) the next WTI future fell by 0.37 to 54.11 dollars, while its counterpart on Brent fell by 0.23 to 59.47 dollars.