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Oil Rebounds, Gold Consolidates

By Craig ErlamCommoditiesJul 23, 2021 01:13PM ET
www.investing.com/analysis/oil-rebounds-gold-consolidates-200593318
Oil Rebounds, Gold Consolidates
By Craig Erlam   |  Jul 23, 2021 01:13PM ET
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Oil prices have bounced back strongly after a rocky start to the week. OPEC+ struck a deal to slowly ramp up production each month by 400,000 with a view to erase all cuts by the end of next year.

The week got off to a rocky start following a surge in COVID cases that led to questions about the strength of the recovery in the near term. That was quickly replaced by optimism on the back of a number of strong earnings reports and risk appetite has been strong since.

WTI climbed quickly back above $70 and has held above here, with sights set back on this month’s highs around $76. While earnings have given cause for optimism, COVID cases are likely to continue to surge, which may test the nerves of investors over the coming weeks.

Gold

Gold has entered into a consolidation period around $1,800, where it has been trading for most of the week. The yellow metal enjoyed a strong start to July but has struggled to maintain it over the last week as risk appetite has improved and U.S. yields have crept higher.

It has shown some resilience around these levels though, so it would appear gold remains in favour. And with central banks in no rush to start paring back their support, it’s easy to understand why. A significant move back below $1,800 may open up a move back towards $1,750-1,760. Resistance above comes around $1,840, with $1,860 the next level of interest.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Oil Rebounds, Gold Consolidates
 

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Oil Rebounds, Gold Consolidates

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