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- Markets are maintaining a degree of optimism surrounding the expected resumption of economic activity in the U.S. and around Europe. These hopes are by far outweighing the lingering anxieties posed to the demand outlook in places such as India and Brazil.
- WTI and Brent Crude futures gained around 1.5% on Tuesday. The breach of last week's resistance in WTI at $64.38 strengthens a short-term bullish case and negates any prior bearish signals. Attention is now on $66.15, March 15 high ahead of the key hurdle for bulls at $67.29.
- Notably, gasoline gains outpaced crude. There are already signs in several countries that drivers are getting back in their cars with retail gasoline prices in the U.S. at the highest since October 2018.
- Spot gold rose to the best levels since February 25th at $1,799.12 before a quick spike in the US dollar sapped any momentum and capped gains for the yellow metal. Additionally, the $1,800 an ounce level provided some psychological resistance that may have fuelled short term profit taking. As of writing spot prices trade 0.85% lower on the session at $1,777.75.
- Palladium futures touched their highest levels on record Tuesday, above $3,000 an ounce, as positive U.S. vehicles sales data along with recovery hopes bode well for the metal used in catalytic converters, which reduce emissions from gasoline-powered engines.