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Silver Slips as Metals Suffer From USD Strength

COMMODITIES
  • A particularly solid session for the greenback worked against commodity markets from energy to metals. The USD strength kept a lid on the still-bullish energy contracts, resulting in Brent and WTI circling just below recent cycle bests.
  • Despite the edge off highs for oil, dips are considered corrective and a bullish theme remains intact. Last week's break of $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards $80.00 further out.
  • Silver was among the contracts hit the hardest, with the metal slipping over 4% on the session to touch levels not seen since the run-up in July last year. Silver underperformed gold to such an extent that the gold/silver ratio hit fresh 2021 highs, with silver under additional pressure as demand for industrial metals continues to normalize.
Energy BulletsCommodities
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