Weekly data: Oil and Gold 

Antreas Themistokleous, Exness Market Analyst

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main drivers in the markets for the near short term outlook. 

The most important economic data for this week are:






  1. UK unemployment rate at 07:00 AM GMT. The market consensus is that the figure will be increased by 0.1% for the month of September. This might not have a major effect on the pound since the data might already be priced in and the change is not very influential.
  2. US Inflation rate at 13:30 GMT where the expectations are for a decline of around 0.4% reaching 3.3% for the month of October. If this is broadly accurate then it might influence a more dovish stance by the Federal Reserve on their next meeting in December and therefore creating minor losses for the Dollar at least in the short term. 
  3. Japanese preliminary GDP growth  at 11:50 PM GMT where the annualized figure is expected to drop from 4.8% to -0.6% and the quarterly figure from 1.2% to -0.1%. If these expectations are confirmed then the Japanese Yen might witness some short term losses against other currencies traded against.


  1. Chinese Industrial production at 02:00 AM GMT. The figure for the month of October is expected to decline to 4.3% against the previous reading of 4.5%. If this is confirmed on the publication of this data then it might create some losses on the production related commodities such as crude oil, silver and copper. 
  2. UK inflation rate  at 07:00 AM GMT. The consensus is for a decline from 6.7% to 4.8% in October. If the consensus is correct then it would be the yearly low figure of British inflation and could potentially create some short minor losses for the quid since it could influence the decisions of the Bank of England on their next meeting. 

USOIL, daily

Oil prices fell on Monday due to concerns over waning demand in the United States and China, as well as mixed signals from the U.S. Federal Reserve. Weak economic data from China like the weaker than anticipated balance of trade and negative inflation figures and reduced demand from Chinese refiners added to the market’s worries. However, prices could be supported if Saudi Arabia and Russia continue their voluntary supply cuts.

 On the technical side the price is trading on the resistance area of the 61.8% of the weekly Fibonacci retracement level while the Stochastic oscillator is shifting towards the neutral area but still in somewhat oversold levels. This might indicate that a correction to the upside might be imminent and adding to that correction narrative is the fact that the 50 day moving average is still trading above the slower 100 day moving average. Since there is no crossing below the slower moving average then the bullish momentum has still to be reversed therefore a correction to the upside is a highly possible scenario in the short term. 

If this scenario plays out then the first area of possible resistance could be laying around the $80.50 which is the 50% of the weekly Fibonacci retracement level as well as the previous area of price reaction in early November. 

Gold-dollar, daily

Gold prices remained near a three-week low as the dollar remained strong and investors await U.S. inflation data to gauge the Federal Reserve’s stance on interest rates. The decline in gold prices last week was attributed to Fed Chair Jerome Powell’s hawkish remarks while the upcoming U.S. consumer prices index (CPI) data is expected to play a role in determining the Fed’s decision at their next meeting. The dollar’s strength made gold less attractive to other currency holders and the macroeconomic backdrop is supportive of gold, with the U.S. monetary tightening cycle seemingly near its end and the dollar peaking.

From the technical point of view gold price is currently testing a major technical support level which consists of the 38.2% of the daily Fibonacci retracement level, the lower band of the Bollinger bands and also is just above the area where the 50 and the 100 day moving averages touch. All of these aspects make the price area of $1,930 very strong  support to the price and is also the psychological support of the round number. In addition the Stochastic oscillator is recording extreme oversold levels so the majority of the technical indicators point to a correction to the upside in the near short term outlook. If this proves to be accurate then the first area of possible resistance might be found around the $1,960 level which consists of the psychological resistance of the round number as well as the 23.6% of the daily Fibonacci retracement level.


Disclaimer: the opinions in this article are personal to the writer and do not reflect those of Exness or Finance Feeds.

Read this next

Digital Assets

JPMorgan’s stablecoin ventures into interbank transactions

JPMorgan Chase & Co.’s proprietary digital token, JPM Coin, is set to expand its use case by facilitating interbank transactions on Partior, a blockchain ledger developed in collaboration with DBS Bank, Temasek, and Standard Chartered.

Retail FX

Interactive Brokers’ client base surges past 2.5 million

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.89 million daily average revenue trades, or DARTS, in November 2023 compared to 1.93 million transactions in the prior month. The figure is three percent lower on a yearly basis, and also dropped slightly from a month earlier.

Executive Moves

Andrew Gibson launches TimberFX brokerage brand in Cyprus

After nearly two years at Tavira Securities as Head of Product Development, industry veteran Andrew Gibson is launching a new FX brokerage business based out of Cyprus.

Market News

US Dollar’s Trajectory Amidst Seasonal Trends and Economic Indicators in December 2023

As we traverse the final stretch of 2023, the noteworthy depreciation of the US dollar dominates the financial landscape

Inside View

Unlocking the Financial Potential of SMEs: Is FinTech the Key?

The rise of the gig economy for early-stage startups and freelancers has highlighted the increasing importance of small-scale business transactions and banking requirements. Unfortunately, this has also exposed a significant gap in the SME banking landscape.

Digital Assets

South Africa’s FSCA receives 138 crypto license applications

The Financial Sector Conduct Authority (FSCA) of South Africa is currently processing a slew of applications from cryptocurrency companies seeking operational licenses.


Exclusive Interview with Greg Rubin, Head of Axi Select: Unveiling the Future of Capital Allocation in the Financial World

Today, we are thrilled to kickstart another series of exclusive interviews with top executives in the financial services industry, hosted by our FinanceFeeds Editor-in-Chief, Nikolai Isayev. Our next guest is none other than Greg Rubin, the mastermind behind Axi Select.

Digital Assets

Crypto.com receives UK’s EMI license, paving way for regulated expansion

Cryptocurrency exchange Crypto.com has been authorized as an Electronic Money Institution by the United Kingdom’s Financial Conduct Authority (FCA).

Digital Assets

Ripple’s Metaco joins Zodia Custody’s network for connectivity with Layers 0 and 1

“As the industry undergoes a pivotal transformation, our networked infrastructure is dedicated to standardise, govern and connect institutional digital asset flows — an essential step in forging use cases that transcend individual companies.”