Crude oil prices have run into four-month chart resistance as markets await cues from Julys FOMC and ECB meeting minutes as well as the Jackson Hole symposium.
The price of gold stands at risk for a larger pullback as the Relative Strength Index (RSI) falls back from overbought territory and flashes a textbook sell signal.
Gold prices edged past two-month support before much-anticipated Congressional testimony from Fed Chair Powell and the release of June FOMC meeting minutes.
The second week of July will largely focus on the counterparties in the US-China trade war.
The May FOMC minutes detailed a reserved conversation among policymakers who believed that patience on rates would be appropriate for the foreseeable future.
Gold prices may fall as minutes from Mays FOMC monetary policy meeting cool interest rate cut speculation and offer a boost to the US Dollar.
A busy UK week ahead with a variety of high importance drivers for traders to look out for.
The recent advance in the price for gold appears to have stalled following the FOMC Minutes as it snaps the series of higher highs and lows from earlier this week.
USD/CAD may stage a larger rebound following the updates to the U.S. Consumer Price Index (CPI) as the exchange rate initiates a fresh series of higher highs and lows.
EURUSD is treading water ahead of the latest ECB monetary policy decision and the release of the FOMC minutes later in the session. Add into the mix the EU Summit meeting where Brexit tops the agenda.
The minutes from the March Fed meeting are due on Wednesday, April 10 at 18:00 GMT.
Gold prices may extend higher on dovish minutes from Januarys FOMC meeting, but technical positioning warns that a top may be brewing ahead.