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Oil Edges Up, Gold Pushes Higher

By MarketPulse (Craig Erlam)CommoditiesJan 18, 2023 06:04AM ET

www.investing.com/analysis/oil-edges-up-gold-pushes-higher-200634471

By MarketPulse (Craig Erlam) | Jan 18, 2023 06:04AM ET

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Oil Continues higher

Oil prices are a little higher again on Wednesday, trading around the peak we saw earlier this month. The optimism driving equity markets higher is filtering through to commodity markets as well, with the prospect of stronger growth in the world’s two largest economies boosting demand expectations.

A move towards $90 in Brent would take us to levels not seen since early November and suggest traders feel much better about the global economic outlook. Of course, that’s probably going to be subject to frequent change unless we get a steady stream of good data, while earnings season could put a dampener on sentiment.

Gold Tries to Push Higher

Gold is pushing higher once more after stalling just above $1,920. The zone between $1,880 and $1,920 has been a major zone of support and resistance in recent years, and it appears to have slowed its ascent on this occasion too.

That said, momentum has remained strong with the rally, so the pause may only be brief. Should it fail to hold that momentum during this latest move higher, it could trigger further profit-taking and potentially a correction.

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Comments (1)

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According to Federal Reserve chairman Jerome Powell, disinflation is now taking hold. Yes, the very same person who had to walk back his ridiculous pronouncements in 2021 and 2022...

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Rock Star Jan 19, 2023 4:39PM ET

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​Oil Edges Up, Gold Pushes Higher

Oil Continues higher

Gold Tries to Push Higher

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