Gold and silver are pushing higher in early European trading as the greenback fails to gain traction alongside a slump in US 10 year yields. A light economic docket in the session ahead may leave the US Dollar uninspired by a lack of positive news-flow, which may afford the precious metals some further gains. Meanwhile, crude oil may be exposed to a pullback on broad-based risk aversion as investors question the sustainability of present levels for US equity benchmarks.
A persistently weak greenback has likely underpinned elevated levels for the precious metals in recent trading. A timid stance from Fed officials on potential rate rises over recent weeks has likely put pressure on US 10 yields, with the benchmark lending rate sinking to the lowest level since
Get more on the gold outlook for the week ahead here.
Crude Oil Vulnerable To Souring Sentiment
Supply-side factors in the US crude oil market continue to cast a bearish light on WTI. However, additional pressure may be put on prices this week based on the influence of risk-trends on the growth-sensitive commodity. The pullback from the record highs last week for US equity benchmarks (proxies for risk-sentiment) suggests some concerns amongst investors about the lofty levels. A continued retreat may stand to spill over into the commodities which would weigh on crude oil prices.
Ebbing Ukrainian Tensions
The ongoing turmoil in
CRUDE OIL TECHNICAL ANALYSIS
Sentiment may be shifting for crude oil following a failure to breach the 102.30 mark in recent trading. The formation of an Evening Star candlestick pattern near the resistance level suggests the bears may be looking to stage a return. However, with prices above the 20 SMA and a positive reading from the rate of change indicator a mixed technical bias is offered.
Crude Oil: Recovery Stalls At Nearby Resistance
GOLD TECHNICAL ANALYSIS
Gold's recent range between
The DailyFX Speculative Sentiment Index suggests a mixed bias for gold based on trader positioning.
Gold: Dojis Highlight Trader Indecision
SILVER TECHNICAL ANALYSIS
The Bearish Engulfingcandlestick pattern on the daily chart for silver is warning of a pullback for the precious metal to critical support at
Silver: Eyes The Critical
COPPER TECHNICAL ANALYSIS
The copper bulls have regained their grip on prices following some signs of hesitation near resistance-turned-support at
Copper: Bulls Return As Uptrend Persists
PALLADIUM TECHNICAL ANALYSIS
Palladium has staged a false breakout with prices pulling back below the
Palladium: Pullback May Offer New Long Opportunities
PLATINUM TECHNICAL ANALYSIS
Platinum is at a critical juncture as the precious metal retests its descending trendline from the
Platinum: Retest Of Trendline Offers Make-Or-Break Moment