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Oil Prices Rise After Saudi Warning, Gold Steady Ahead of FOMC Minutes

By MarketPulse (Craig Erlam)CommoditiesMay 24, 2023 05:19AM ET

www.investing.com/analysis/oil-prices-rise-after-saudi-warning-gold-steady-ahead-of-fomc-minutes-200638379

By MarketPulse (Craig Erlam) | May 24, 2023 05:19AM ET

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Oil continues higher as short-sellers warned to “watch out”

Oil prices are trading higher again on Wednesday, buoyed by the latest short-seller warning from Saudi Arabia. The prospect of another “ouching” moment is seemingly too much to bear although if past experience is anything to go by, traders may be tempted to call his bluff.

Saudi Energy Minister Prince Abdulaziz bin Salman told short-sellers to watch out during his most recent comments on the market which come a little before the next OPEC+ meeting on 4th June. Coming over the weekend again, traders may not be in quite the same mood to test the group’s resolve as the market gapped significantly higher last time. That said, a failure to follow through could see prices move sharply in the other direction.

Gold could see support solidify if debt ceiling talks don’t progress

Gold is treading water it seems ahead of the Fed minutes later today and the US inflation data at the end of the week. It’s stabilized around $1,960 which is a big technical level of support for the yellow metal. It remains in correction territory and while a move below here wouldn’t exactly change that, it would suggest we may be facing a much deeper correction.

Some good news on the inflation side or a softening in the tone from Fed policymakers in the minutes could further solidify this support zone. As could debt ceiling talks going right up to the deadline, assuming we are seeing traders gravitate to safe-haven gold as a hedge.

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Comments (3)

Gold Challenges Critical Support Level as Dollar Strengthens By Alex Boltyan - Jun 07, 2023

Gold prices edged lower on Wednesday, with the spot XAU/USD approaching a critical short-term support as investors ponder the probability that the US Federal Reserve will pause its...

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The precious metals market has slowed markedly after a tumultuous February-March and the second half of May. However, Silver continues to show signs of medium-term upside...

The Energy Report: Rising Up By Phil Flynn - Jun 07, 2023 2

Oil demand continues to rise, defying negative predictions about the economy and the lackluster market action that continues to wait for the other shoe to drop. This comes as the...

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ridzuan jalil May 24, 2023 9:38AM ET

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gold coming down to 1850

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HahaToldyou May 24, 2023 9:38AM ET

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Curry brain

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Muhammad Waqas May 24, 2023 8:24AM ET

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Oil Prices Rise After Saudi Warning, Gold Steady Ahead of FOMC Minutes

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