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Gold Touches New Multi-Month High

COMMODITIES
  • Precious metals remain in favour, with spot gold cresting to touch new multi-month highs at $1823.12 to extend this week's bounce. The 200-dma at $1851.41 remains a key level going forward, and the uptrend will likely face some stiff resistance headed into that level.
  • Contrasting with metals markets, oil trade heavy, with both WTI and Brent crude futures in holding patterns just below yesterday's close. The moves in oil come as a new round of talks between Iran, Russia and the West begins, with all parties committing to 'intensify' the process. Russia claimed that all delegations appear prepared to stay in Vienna for "as long as necessary" to achieve the full restoration of the Iranian deal.
  • Support for WTI undercuts at the May 4 low of $64.29, while Brent eyes the Monday low print of $66.10.
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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