GOLD & CRUDE OIL TALKING POINTS:
Gold costs rise as yields drop amid broad-based threat aversion
Crude oil costs whipsaw greater on feedback from IEA’s Birol
S&P 500 futures trace at risk-off temper forward, API information on faucet
Gold costs rose as bond yields declined amid threat aversion, boosting the relative enchantment of non-interest-bearing options. Crude oil costs probed decrease alongside equities however the transfer reversed course noon after IEA Government Director Fatih Birol opined that spare manufacturing capability in Saudi Arabia is “very skinny”, implying comparatively little scope for enhancing provide.
GOLD MAY RISE IN RISK-OFF TRADE, CRUDE OIL EYES API DATA
Wanting forward, sentiment might stay in focus for gold costs. S&P 500 futures are pointing to a different risk-off day forward, which can proceed to supply a level of assist as yields retreat. Crude oil is eyeing API stock movement information in the mean time. The result might be judged towards forecasts calling for a 2.5 million barrel construct anticipated to be revealed in official EIA statistics Wednesday.
Be taught what different merchants’ gold purchase/promote selections say concerning the value pattern!
GOLD TECHNICAL ANALYSIS
Gold costs proceed to edge greater after reclaiming a foothold above the 1211.05-14.30 space. Resistance is now within the 1260.80-66.44, with a day by day shut above that concentrating on the 1260.80-66.44 area. Alternatively, a reversal again beneath 1211.05 goals for pattern line assist on the $1200/ouncesfigure.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil costs are inching upward en path to a resistance cluster capped on the $60/bbl determine. A day by day shut above that opens the door for a check of 61.84. Alternatively, a reversal by means of assist within the 54.48-55.21 space exposes the 52.34-83 zone subsequent.
COMMODITY TRADING RESOURCES
— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com
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