Trending
Oil ($63) and Gold ($1,780) in Consolidation Mode
Oil set for over 6% gains this week Oil prices are consolidating around monthly highs and are on track to gain over 6% across the week. An improved oil demand outlook combined with growing optimism surrounding strong economic recoveries in the world’s…

Oil set for over 6% gains this week
Oil prices are consolidating around monthly highs and are on track to gain over 6% across the week. An improved oil demand outlook combined with growing optimism surrounding strong economic recoveries in the world’s two largest economies has lifted oil prices across the week.
Blowout macro data from the US, signs of more cars on the road, plus record quarterly GDP growth in China support the higher oil demand outlook touted by the EIA and OPEC earlier in the week.
The reopening of the US economy has resulted in traffic levels rising in various states and this is before the US driving season even gets underway. In the latest sign of the gasoline comeback, miles driven on US highways are higher than at the same time in 2019, boding well for a robust petrol demand in the key June – August period.
Optimism surrounding the economic recovery is overshadowing the worsening Covid picture in the likes of India and Europe.
Gold looks ripe for further gains
Gold surged high in the previous session and is consolidating those gains today as geopolitics return to the spotlight. Geopolitics are back with a bang after the US imposed sweeping sanctions on Russia, a move which drove investors in search of the precious metal for its safe haven properties.
Falling bond yields across the week have also underpinned gold, which is on track to book over 1% gains across the week. Whilst treasury yields are slightly higher today, capping gains in gold, they remain below 1.60% and at levels last seen in early March, before the run higher. It would appear that the bond market is finally buying into the Fed’s low for longer verse which would be supportive of non-yielding gold.
Gold is currently testing strong resistance at USD1760, supporting the formation of a double bottom reversal pattern from the USD1677 low. The setup points to further gain near term and any move lower could be considered a buying opportunity.

Canada Silver Cobalt Intersects 13.1 Meter Massive Sulphides Zone with Nickel, Copper and Cobalt close to Surface at Graal Battery Metals Property
The most recent discovery intersected 9.30 meters of combined massive sulphides containing 1.20% NiEq, consisting of 0.72% nickel, 0.86% copper and 0.09%…
In 2021 Uranium Stocks Came to Life – In 2022 Will It Be Metaverse Stocks?
Every year, it seems a new technological theme takes center stage on Wall Street….
Earnings, Multiples, & Untold Truths About Forward Valuations
Earnings up, multiples down. Such seems to be a straightforward rationale for why investors should pile into markets as it enters a "new phase."
Such…
-
Energy & Critical Metals11 hours ago
Aluminum Prices Pause Following Surge
-
Financing News20 hours ago
Uranium Royalty Corp. Completes Acquisition of U.S. Uranium Royalty Portfolio from Anfield Energy Inc. and Expands Physical Uranium Holdings
-
Companies20 hours ago
Global Atomic Provides Update on Türkiye
-
Energy & Critical Metals4 hours ago
Newmont’s $24B Grab for Newcrest Highlights the Majors’ Increased Interest in Copper
-
News Releases19 hours ago
Signature Resources Ltd. Announces Upsize to Private Placement Financing to C$900,000
-
Economics23 hours ago
Watch Live: Will Fed Chair Powell Pull The Dovish Rug Out From Under The Market?
-
Uncategorized22 hours ago
The clock is ticking: Harmony Gold Mining Company Limited (HMY)
-
Uncategorized23 hours ago
High Voltage: Robert Friedland says the Congo is ‘best place in the world’. AVZ Minerals shareholders probably disagree