Free Trial

Gold Rally Extends, Oil Flat

COMMODITIES
  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.