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Oil in Choppy Waters, Gold Under Pressure

By MarketPulse (Craig Erlam)CommoditiesFeb 28, 2023 04:09AM ET

www.investing.com/analysis/oil-in-choppy-waters-gold-under-pressure-200635741

By MarketPulse (Craig Erlam) | Feb 28, 2023 04:09AM ET

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Choppy trade ahead?

Oil prices remain very choppy, with gains today largely offsetting losses at the start of the week. We may have to wait for more hard-hitting economic data next week before we see the upper or lower ranges tested. The uncertainty appears to be preventing a serious move in either direction.

Should the January data prove to be a blip, it could put pressure on the upper end of the range as longer-term economic prospects improve. Meanwhile, another month of hot data could necessitate much higher rates and threaten a soft-landing, weighing on demand prospects. In the interim, choppy trading looks likely to persist.

Testing major support

Gold is edging lower again this morning, moving ever closer to a very interesting area of support between $1,780 and $1,800. There is a lot of technical support around here from the 50 fib – November lows to February highs – to the 200-day simple moving average. It was also previously a major rotation level and with momentum slipping on approach this time, it could prove to be the case again.

Ultimately, the data may determine how firm a support zone it will be but either way, how it reacts to this level could give a strong indication of sentiment in the markets at this time.

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Oil in Choppy Waters, Gold Under Pressure

Choppy trade ahead?

Testing major support

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