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XAU/USD chart on the hourly time frame

Gold at $2912 steady but under pressure from strong dollar, investors await US unemployment and economic growth data to determine market direction.

Bullish scenario:

• If the US economic data comes out weak, we may see gold move towards 2930 – 2950.
• Any signs of the Fed’s move towards easing monetary policy may push prices to test 2970 – 3000.

Bearish scenario:

• Continued strength of the dollar and rising bond yields may pressure gold towards 2890 – 2875.
• Breaking 2875 may open the door for further decline towards 2850 – 2830.

USOIL chart on the hourly time frame

Oil at 66.87 is under pressure due to economic concerns and weak global demand, but markets are awaiting US inventory data and Fed’s direction to determine the next path.

Upside scenario:

• If US inventory data comes in lower than expected, we could see a rally towards 67.50 – 68.20.
• Improved economic outlook or any positive developments in the energy market could push prices towards 69.00.

Downside scenario:

• Continued concerns over a slowing global economy could push prices to test support at 66.50 – 65.80.
• Breaking 65.80 may increase selling pressure, opening the way for a decline towards 64.50.