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Metals Surge, Oil Benchmarks Consolidate Gains

COMMODITIES
  • Lower treasury yields and a slightly softer US dollar spurred precious metals on Thursday. Spot gold and silver both rallied around 2% as 10-yr yields in the US fell around 10 basis points.
  • Gold soared to best levels since late February, trading above $1,765 an ounce.
  • 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. MNI full technical piece can be found here: https://marketnews.com/double-bottom-reversal-in-gold
  • Copper was also a beneficiary on Thursday, extending 3-day gains to around 5.5%. Futures (HGA) rallied another 2.25%, probing the March highs and potentially setting up a move to the 2021 highs of 437.55. The extension of the move north comes after notable price upgrades earlier this week. Goldman Sachs raised their 12-month target to $11,000 per ton and projects prices will hit $15,000 by 2025 as the global green-energy transition propels demand for the metal used in power grids, wind turbines and electric vehicles.
  • Oil prices consolidated Wednesday's near 5% gains after the monthly IEA report released forecasts of a significant rise in global oil demand in the second half of the year. Benchmarks took a back seat today with much more contained ranges but the consolidation bolsters the potential breakout following tight ranges over the past month.
Energy BulletsCommodities
Energy BulletsCommodities

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