The price of oil bounces back ahead of the weekly low ($51.82) as fresh data prints coming out of the US show an unexpected contraction in crude inventories.
The Federal Reserve just released its January 2021 monetary policy update. How is the latest Fed announcement weighing on gold, the Dow Jones, and US Dollar?
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias.
The price of gold may continue to give back the rebound from the monthly low ($1803) as long as the weakness in longer-dated US Treasury yields persists.
This report covers recent price action (UK) in the context of retail client positioning for IG and tends to focus on trending markets or extremely one-sided sentiment