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Gold Rally Extends, Oil Flat

  • The recent gold rally extended Wednesday, boosting the spot price north of $1900/oz to hit new multi-month highs. Gold gains came despite broad USD strength into the fix, extending the rally from the March lows to over $200/oz.
  • Gold bulls may be wary of the over-extended RSI, which has crept to its most overbought level since August of last year. Markets watch for a price signal reversal pattern in the near-term to confirm the significance of the RSI at this stage.
  • Oil markets were largely inactive, with WTI and Brent crude futures inside the week's range. Weekly DoE crude oil inventories numbers had little market impact, despite the headline draw of 1.7mln bbls being larger than expectations.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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