All seems to be extremely calm as traders and investors wait to hear from Jerome Powell, Chair of the Federal Reserve, to try and understand if the US central bank is considering any tapering or has any concerns about the possibility of inflation in the next few months. In this scenario, gold is slipping slightly and trading just below $1,850, while investors await new market drivers.
It is a slightly different scenario for oil, which is showing some more strength and a slight price rise. Technically WTI is consolidating and moving in a lateral trading range, after an extended period of recovery. As the long-term trend remains positive, a clear climb above $54 could open space for further rallies but for the time being WTI still appears in a waiting mode.