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Soft Dollar Benefits Precious Metals, Oil Maintains Tight Range

COMMODITIES
  • Despite a brief spike on the release of US CPI, the US dollar index remained under pressure which helped bolster precious metals on Tuesday.
  • Spot gold (+0.8%) and silver (+2.35%) recovered well off session lows and extended their rallies as lower treasury yields garnered further USD weakness.
  • Gold has been holding onto the bulk of recent gains. Key resistance at $1755.5, Mar 18 high was probed on April 8. The yellow metal also needs to clear $1759.2, the 50-day EMA to suggest scope for a stronger bounce.
  • Oil prices gained just shy of 1% on Tuesday but both Brent and WTI crude had subdued daily ranges of around $1. The daily gains have been largely attributed to strong Chinese import data, but the rally was capped by fresh vaccine anxieties stemming from likely delays on the rollout of J&J shots over clotting concerns.
  • The counteracting factors dominating the newswires continue to keep WTI crude pinned to the $60 mark. The largely rangebound trade has seen the WTI active contract close each of the past thirteen sessions less than $2 above or below $60.
  • Bitcoin surged to record highs above $63,000 amid the weak dollar, amounting daily gains of around 5.5%.
Energy BulletsCommodities
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