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Oil prices are trading higher again on Wednesday, buoyed by the latest short-seller warning from Saudi Arabia. The prospect of another “ouching” moment is seemingly too much to bear although if past experience is anything to go by, traders may be tempted to call his bluff.
Saudi Energy Minister Prince Abdulaziz bin Salman told short-sellers to watch out during his most recent comments on the market which come a little before the next OPEC+ meeting on 4th June. Coming over the weekend again, traders may not be in quite the same mood to test the group’s resolve as the market gapped significantly higher last time. That said, a failure to follow through could see prices move sharply in the other direction.
Gold is treading water it seems ahead of the Fed minutes later today and the US inflation data at the end of the week. It’s stabilized around $1,960 which is a big technical level of support for the yellow metal. It remains in correction territory and while a move below here wouldn’t exactly change that, it would suggest we may be facing a much deeper correction.
Some good news on the inflation side or a softening in the tone from Fed policymakers in the minutes could further solidify this support zone. As could debt ceiling talks going right up to the deadline, assuming we are seeing traders gravitate to safe-haven gold as a hedge.
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