April Fools' grind in metals
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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