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Brent Shows Above $60 For First Time Since Jan'20

COMMODITIES

Strength in WTI and Brent crude prices persists into this week, with both contracts hitting new cycle highs early Monday. The futures curve remains particularly strong, with all major DMA indicators continuing to underpin the underlying uptrend. This extends the winning streak in oil contracts to 8 sessions, with RSI measures now tipping into overbought territory.

Precious metals trade well, with gold and silver both higher as well as platinum and palladium. The moves come alongside vague USD strength, which is likely keeping a minor lid on prices, and the imminent formation of a death cross (50-dma < 200-dma) for spot gold could spell some further difficulty for the upside argument.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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