WTI crude oil price rebounded today after plunging to a 7-day low of 85.88 yesterday. As investors await the oil inventory report, the US Energy Department published its monthly report yesterday with oil price and global demand forecasts upgraded. We expect similar upward revisions will be seen in OPEC’s and IEA’s reports tomorrow. Gold price steadied in European session after gaining +1.18% yesterday. Dealers said that physical buying in emerging markets dropped after China’s rate hike. However, a better technical picture (price broke above the 100-MA) suggests gold price will rise further in coming days.
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