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STEPHEN INNES
Both Crude oil benchmarks dropped more than 2% with WTI sliding to its lowest.
Many currency traders believe that the U.S dollar index is showing an oversold signal.
Prices of gold futures dropped below $1,980, a crucial support level thanks to the dollar’s recent strength.
China’s factory activity expanded at the fastest rate in nearly ten years in the month of August.
The yellow metal tends to usually rise in value on expectations of lower U.S interest rates.
Brent crude prices in the last few weeks, keep ranging between the $44-$46 ranges.
The U.S Fed Reserve strategy now permits inflation to rise above its 2% target.
The U.S. Dollar Index tracks the American dollar against other major currencies.
Gulf Coast energy infrastructures were mostly spared the brunt of the damage
Gold was mostly on the defensive in the Asian session and most of the European trading.
Crude oil traders are presently concerned as the storm sets its course on the Gulf of Mexico.
Gold bulls reversed the downward trend as the greenback value lost some ground recently.