{"id":12498,"date":"2022-06-29T05:37:16","date_gmt":"2022-06-29T05:37:16","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=12498"},"modified":"2022-06-29T05:37:16","modified_gmt":"2022-06-29T05:37:16","slug":"over-the-past-24-hours-crude-oil-prices-increased-while-gold-prices-decreased","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/over-the-past-24-hours-crude-oil-prices-increased-while-gold-prices-decreased\/","title":{"rendered":"Over the past 24 hours, crude oil prices increased while gold prices decreased"},"content":{"rendered":"

Over the past 24 hours, crude oil prices increased while gold prices decreased<\/strong><\/h1>\n

Over the past 24 hours, gold prices have been trending marginally lower as crude oil prices managed to end the day positively. An increase in the US dollar, which resulted from risk aversion as the tech-heavy Nasdaq 100 fell more than 3 percent, put pressure on the anti-fiat yellow metal. For gold, it might have been a lot worse. The flight to safety caused Treasury yields to decline, which increased the appeal of XAU\/USD<\/strong><\/a>.<\/p>\n

In June, the US Conference Board’s consumer confidence index fell to 98.7 from 100 expected. This represents a decline from 103.2 in May and a 16-month low. Concerns about inflation keep eroding Americans’ perceptions of the economy. Although respondents appeared to be planning to buy more durable products in the future, their desire for leisure (travel) fell with rising prices.<\/p>\n

Despite the deteriorating mood, the price of crude oil managed to hold steady. An OPEC+ delegate reported that the oil-producing coalition fell 2.7 million barrels per day short of its output goal in May. This might be restricting supplies and giving WTI an upward push. However, rising concerns about a slowdown in global growth have made the situation for energy prices more difficult.<\/p>\n

Commodities will be watching a flood of central bank speech during the next 24 hours. At the ECB forum in Sintra, a panel discussion will take place. Fed Chair Jerome Powell and ECB President Christine Lagarde are scheduled to speak. Market mood may suffer if authorities restate their hawkish viewpoints, thereby depressing the price of gold and crude oil.<\/p>\n

GOLD TECHNICAL ANALYSIS<\/strong><\/h4>\n

Since May, the price of gold has been largely consolidating on the daily chart. Recent price movement is gradually dragging XAU\/USD closer to the crucial support range of 1787 – 1810. The next test for the yellow metal will take place there. Technically speaking, the short-term 20- and 50-day Simple Moving Averages continue to indicate lower.<\/p>\n

CRUDE OIL TECHNICAL ANALYSIS<\/strong><\/h4>\n

Prices for crude oil are still recovering from last week’s losses. Since then, a bullish Morning Star has been verified, providing a technical tilt to the higher. Additionally, prices are attempting to close back above a crucial upward trendline from December. Such a result would strengthen the case for WTI’s potential upside. If not, losses would resume and the price would drop to its low point from May at 98.22.<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past 24 hours, crude oil prices increased while gold prices decreased Over the past 24 hours, gold prices have been trending marginally lower as crude oil prices managed to end the day positively. An increase in the US dollar, which resulted from risk aversion as the tech-heavy Nasdaq 100 fell more than 3<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[38,56,272,297,187,24,35,157,55,52,66,201],"yoast_head":"\r\nCrude oil prices increased while gold prices decreased<\/title>\r\n<meta name=\"description\" content=\"Over the past 24 hours, gold prices have been trending marginally lower as crude oil prices managed to end the day positively.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/over-the-past-24-hours-crude-oil-prices-increased-while-gold-prices-decreased\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Crude oil prices increased while gold prices decreased\" \/>\r\n<meta 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