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Oil Falls 3% From Highs Then Stabilises, Precious Metals Remain Rangebound

COMMODITIES
  • Supportive price action from the open dissipated during the New York session. Risk sentiment was slightly soured by negative headlines regarding concerns over the Astrazenca vaccine. The move lower seemed technically driven, accelerating through Friday's worst levels. Despite the near 3% sell-off, crude futures bounced as global equity indices also recovered. Both WTI and Brent Crude futures are exhibiting losses ~0.6% as we approach the close.
  • A resumption of Brent (K1) weakness would open $65.04, the 20-day EMA. The bull trigger is at $71.38, Mar 8 high. In WTI (J1) a deeper pullback would open $61.92, the 20-day EMA. Key resistance is at $67.98, Mar 8 high.
  • Precious metals remained rangebound during the US session. Prices are shrugging off the slight improvement in the USD index seen on Monday. Silver is outperforming modestly, higher by 1.2%, but prices remain well below last week's highs printed mid-week at $26.459, which remain the primary target.
Energy BulletsCommodities
Energy BulletsCommodities

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