The daily range of gold prices has been getting tighter and tighter everyday as the market consolidates and ranges with an eye on the Fed decision in December. The US elections are now out of the way and with the dust settling down slowly, the markets begin to look out for other events and news that will provide price guidance for the next few days. That is likely to come today with the Fed Chief Yellen scheduled to speak later on during the US session. She is expected to discuss the monetary policy and the markets expect her to confirm the rate hike in December.
The only issue with the December hike could be that Trump and team might want time to settle down and assess the economy before any kind of major action is undertaken or on the other hand, Yellen and her team might want to assess the situation with the new Presidential team before they pull the plug.
Most of the time, natural gas prices are driven by the weather. However, on Thursday’s, the key market driving event is weekly inventories data from the U.S. Energy Information Administration.The current weather forecast is likely to produce a two-sided trade in the market if it comes out as predicted. Firstly, high pressure is expected to dominate much of the country over the next couple of days. This could put a cap on any rallies.
Secondly, a cold weather system is expected to move toward the eastern U.S. this weekend with rain, snow, and cooler than normal temperatures. This is expected to bring a surge in natural gas demand to the strongest levels so far this fall season as overnight lows drop below freezing.
Finally, after the cooler temperatures subside, by the middle of next week, mild temperatures are expected to return to the eastern U.S. for several days, leading to lower demand.
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