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Oil clutching to US 120, gold drifting

Oil struggling to hold above USD 120 Oil is continuing to struggle around USD 120 on Tuesday, with Brent and WTI very slightly lower. We’ve seen USD…

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This article was originally published by Market Pulse

Oil struggling to hold above USD 120

Oil is continuing to struggle around USD 120 on Tuesday, with Brent and WTI very slightly lower. We’ve seen USD 120 broken on a few occasions over the last week but each time it’s been quickly repelled in a sign of momentum starting to run a little thin. The fundamentals remain bullish for oil prices as China continues to reopen and the OPEC+ “production hike” does little to alleviate the tightness in the market. Still, it’s been a very strong run over the last month, with the price up more than 20% from the May lows. We could potentially see some profit-taking in the short-term but it’s hard to imagine it being too severe, barring significant growth downgrades or a surge in Covid cases in China.

Gold consolidation continues

As has so often been the case in recent weeks, gold is continuing to fluctuate around USD 1,850 today and showing little sign of a burst in either direction. It struggled once more around USD 1,870 on Friday, reinforcing it as a key area of resistance to the upside, while USD 1,830 continues to be the first line of support below. We may have to wait for the inflation data at the end of the week for an interesting move in either direction.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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