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Softer Dollar Provides Reprieve For Precious Metals

COMMODITIES
  • One-way price action in gold and silver today as they both recovered from their most recent bearish trend. The dollar index reversed gains from Monday, providing a solid foundation for precious metals to rally. Spot gold is up 2.01% at 1717.63 and spot silver is registering 3.56% gains on the day.
  • Oil retreated further from recent multi-year highs, posting a second consecutive day of losses, as of writing. Further bullish exhaustion may have led to the temporary path of least resistance being lower. WTI futures lost 1.5% to trade back to $64, with Brent giving back 0.9%, currently trading $67.60.
  • Some notable moves in base metals as optimism in the equity space was not echoed in copper and iron ore. Copper futures traded back below 400, dropping 2%. Iron ore futures fell around 6% after breaking some important lows from mid-February at 1090.
Energy BulletsCommodities
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