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Gold Rebound Sets Sights on New Highs

COMMODITIES
  • Gold and silver eschewed early weakness to trade solidly into the Tuesday close. Gold accelerated the day's gains on the way through the mid-May highs at $1890.1 to narrow the gap with the key psychological resistance at $1900 and hit new multi-month highs in the process. Next resistance kicks in at the Jan 8 high of $1917.6.
  • Today's gold rally has put the metal's RSI at its most overbought levels of the year, with the indicator ticking above 75 for the first time since August last year.
  • In the energy complex, falling Treasury yields and a softer greenback failed to prop up the oil market, as both WTI and Brent crude benchmarks consolidated recent gains. Negotiations over Iranian oil sanctions resumed in Vienna, with markets remained focus on any outcome here.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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