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Weak Dollar Further Boosts Precious Metals, Oil Prices Rangebound

COMMODITIES
  • Both gold and silver have continued their recovery, spurred on by broad dollar indices reversing early gains to fall 0.2% on Tuesday.
  • After bouncing off significant support at $1,677 around March month end, spot gold has extended its rebound back to test March 25th highs at $1,745.50. Technically, price remains in a bear trend and requires a break of key resistance at $1755.5 – the March 18 high to alter the short-term picture.
  • The IMF raising its global economic outlook and a decline in U.S. yields have provided a solid backdrop for a fourth consecutive daily gain in the yellow metal.
  • April has seen a rejuvenated copper rally, however, futures struggled throughout Asia and London, dropping 2% amid headlines from Chile that supply would not be affected by the tighter lockdown restrictions and border closures.
  • Oil prices have stabilised and partially recovered following yesterday's sell-off due to increasing OPEC+ oil supply and rising COVID-19 infections in India and parts of Europe.
  • Both Brent and WTI futures gained around 1.5% on Tuesday, buoyed by stronger services data out of China and the U.S.
  • Despite the intraday volatile ranges, WTI crude has closed each of the past eight sessions less than $2 above or below $60 as investors continue to weigh the multitude of counteracting factors.
Energy BulletsCommodities
Energy BulletsCommodities

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