Oil, Gold Rebound Amid Broad US Dollar Selling
Commodities - Energy
Crude Oil Pushing Through Resistance as Dollar Falls, Stocks Advance
Crude Oil (WTI) $82.74 +$0.63 +0.77%
A typical “risk-on” session is taking shape in European hours with broad-based US Dollar weakness coupled by gains across major stock exchanges, helping to push crude through resistance at $82.23 and exposing the $82.52 level. US equity index futures are trading higher, hinting more of the same is ahead in New York trade. An eventful US data docket may complicate matters as February’s US Retail Sales are set to decline of 0.2 percent from the previous month while a preliminary estimate of the March University of Michigan confidence gauge points to an increase to 74.0.
Commodities - Metals
Gold $1118.35 +$8.85 +0.80%
As with oil, gold is responding to broad-based selling of the US dollar with prices recovering to re-test support-turned-resistance at a rising trend line established from February’s swing low. It remains to be seen how the greenback responds to seemingly conflicting cues from US Retail Sales and University of Michigan confidence readings, with the primacy of risk or fundamental considerations over the direction of the US unit likely to prove key to how metals finish the trading week.
Silver $17.32 +$0.14 +0.82%
The outlook for silver is largely in line with that of oil and gold as US dollar selling sends prices higher from support at $16.86 back above the $17.00 figure. Near-term resistance lines up at $17.51.
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