Oil, Euro, Gold – Event watch list for this week – 23 Feb 2010

Events to watch out for this week that will have an impact on pricing and trading behavior for Oil, Euro and possibly Gold.

  1. Federal Reserve Chairman testimony begins tomorrow and irrespective of what he says will move currency (and by definition) oil markets.
  2. API and EIA crude, oil and distillates inventories numbers will also come out later in the same week and are expected to show rising inventories and declining demand. If Oil decides to head lower, the inventories numbers will feed the slide.
  3. The Fed testimony should also put a crimp in Gold upward trend for at least two days.
  4. US consumer confidence numbers come out today. A fall is expected.

If I was a betting man, I would bet for a higher dollar, lower oil and possibly lower Gold by Thursday and Friday.