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Gold Extends Gains, Oil Consolidates Capping Off Stellar Week

COMMODITIES
  • Spot Gold rallied a further 1% to $1,780/ounce on Friday, advancing on Thursday's breakout, taking weekly gains to around 2.2%.
  • In similar fashion, the softer US dollar provided a solid backdrop for Silver to rally, regaining the majority of lost ground in late March to trade back above $26 an ounce.
  • Recent price action in Gold suggests the yellow metal has been building a base since Mar 8. If correct, this signals a potential technical reversal and key nearby resistance levels appear exposed which may pave the way for strength towards $1800.0. Note that further out, this could also suggest the possible start of a stronger recovery towards the bear channel top at $1882.3 over the medium-term.
  • Oil benchmarks did make new highs on Friday but settled broadly unchanged for the session, consolidating the week's 6.5% gains. A stronger demand outlook and signs of economic recovery in China and the United States offset concerns about rising COVID-19 infections in other major economies, kept prices well supported.
  • Brent futures touched $67.38 and WTI futures made highs at $63.88 before giving up 50 cents into the close. The weekly closes should offer positive technical developments after spending the past three weeks in tight ranges.
  • Copper prices lost ground on Friday but are set for their best weekly performance in two months after several investment banks predicted higher prices for the metal, citing the global green-energy transition propelling demand for the metal used in power grids, wind turbines and electric vehicles.
  • Bitcoin ripped to fresh record highs of $64,870 on Wednesday before a near $5,000 retracement. Fresh optimism was provided for the cryptocurrency after Brevan Howard Asset Management announced they will invest up to 1.5% of its $5.6 billion fund into digital assets. However, volatility surrounding the Coinbase IPO and an announcement that Turkey's central bank decided to ban the use of cryptocurrencies for payments from the end of the month, prompted the minor reversal. XBTUSD currently trades $61,750.
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