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Oil Higher, Gold Lower, With Both Breaking Out of Recent Range

COMMODITIES
  • Oil benchmarks hit new cycle highs Monday, starting the week strong as markets eyed reports on Iran nuclear negotiations. Iranian diplomats warned that time was running out to secure a revival of the nuclear deal, with elections this weekend providing a fair deadline for talks in Vienna.
  • WTI crude futures printed a new high of $71.78, while Brent touched $73.64.
  • Gold saw more outsized moves, with the precious metal trading underwater for much of the European and US mornings. Gold was pressured down to $1845.0 before finding support and rallying alongside US yields, which bounced further off the multi-month lows. Nonetheless, the initial downside brings gold well within range of key support at both the $1839.9 200-dma and the 50-day EMA of $1842.5.
Energy BulletsCommodities
Energy BulletsCommodities

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