Mixed Session as Early Oil Weakness Erased

A vague sense of risk-off led global equities lower on Monday, in likely profit-taking after a strong start to 2021. Resulting USD strength has weighed on the broader commodity complex, leading to underperformance in oil and industrial metals. Brent crude futures traded lower by around 0.4%, but recovered into the Late US session.
Precious metals have stabilised after last week's weakness, but not before spot gold showed again below the 200-dma at $1839.79. A solid break and close below this support would be bearish, opening levels not seen since early December.
On commodities, Goldman Sachs this morning wrote that they see a circa 10% return in the S&P GSCI index over the next 12 months, although markets are likely to consolidate in the near-term given the magnitude of the recent rally.