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April Fools' grind in metals

Commentaries & Views

Nothing has changed regarding the short-term technicals for precious metals. Gold bulls will be looking to close out the week above $1,925. Silver bulls will be looking for a close over $24.90. Platinum continues to trade just under resistance at $1,000 this morning, which may be farming up as resistance.

President Biden announced a historic release of crude oil from the U.S. strategic reserve. The news has helped push oil down under the $105 level. The technical probability is that lower oil prices lie ahead for the short term.

U.S. equity index futures are pointing to a higher open this morning. The extent of the buyable dip could be behind us. A falling oil price may temporarily ease global inflation concerns, providing what could be a positive short-term narrative for stocks.

Thanks and have a great weekend

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.