WTI – Sellers exhausted as buyers take control [Video]
![WTI – Sellers exhausted as buyers take control [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_3.png)
Buy trade idea explained.
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Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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AUD/USD struggles to capitalize on the previous day’s recovery move as prolonged Middle East uncertainty supports the safe-haven US Dollar. Moreover, Fed hike bets provide a tailwind for the buck, while expectations of a cautious, on-hold RBA stance cap the Aussie. Spot prices, however, hold above 0.6900 as traders look to China’s trade data and the US CPI report for a fresh impetus.
USD/JPY attracts some dip-buyers during the Asian session on Tuesday as a fall in Japan’s Household Spending undermines the Japanese Yen. Moreover, Fed hike bets and Middle East uncertainty support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.
Gold drifts lower during Tuesday’s Asian session, reversing part of the previous day’s strong gains to a near three-week high, around the $4,150 hurdle, as mixed signals about US-Iran peace talks support the safe-haven US Dollar. Traders now look to the crucial US CPI report for more cues about the Fed’s policy path, which would drive the buck and influence the non-yielding bullion.
Avalanche defied the crypto market drawdown on Monday, up 4% after announcing it will provide the core ledger technology for clearing in the New York Stock Exchange's upcoming tokenized securities trading platform.
The US Consumer Price Index for October will be released on Tuesday, November 10, at a time when financial markets are receiving rather different signals from inflation, employment and credit conditions. September's inflation report showed headline consumer prices rising by 0.6% month over month, while core inflation increased by 0.3%.
Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.
