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Oil, Metals Retreat as USD Finds More Stable Footing

COMMODITIES
  • Both WTI and Brent crude futures traded into negative territory into the Friday close, shedding around 0.5% apiece while largely respecting the recent ranges. The week's decline in the USD index had flattered prices through the first half of the week, but this effect faded into the Friday close as the DXY clawed back lost ground.
  • Directional parameters for crude are unchanged, with the 50-dma the first barrier for any recovery in prices at $60.56 for the WTI continuation contract.
  • This worked against both oil and metals prices as gold and silver also resided in negative territory. Spot gold found resistance at the $1758.94 50-dma, which managed to contain and then reverse price action back below the Thursday lows. This heightens the importance of the level headed into next week's key releases which include US CPI & retail sales as well as plenty of pre-April meeting Fed speeches.
Energy BulletsCommodities
Energy BulletsCommodities

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