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Oil Survives Scare, Gold Consolidates

By MarketPulse (Craig Erlam)CommoditiesJul 22, 2021 12:32AM ET
Oil Survives Scare, Gold Consolidates
By MarketPulse (Craig Erlam)   |  Jul 22, 2021 12:32AM ET
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Oil survives inventory scare

Oil was getting more love Wednesday, with WTI moving back above $70 a barrel.

Monday’s growth fears were seemingly overdone and a move above $70, should it close there, could be a very bullish signal. A move back above here takes out previous support and overcomes a potential psychological barrier.

The EIA inventory report initially sent prices lower but they rebounded quickly, with fuel demand still seemingly very strong and risk appetite providing further support.

Delta poses a clear risk to the near-term outlook as countries re-impose restrictions or maintain them for longer, but as we’ve seen throughout, OPEC+ is ready to be flexible as and when it’s necessary.

Gold consolidating around $1,800

Gold was hovering back around $1,800, with the improvement in risk appetite and higher US yields weighing. The dollar was trading a little lower after making small gains earlier on the back of those higher yields.

The yellow metal has been consolidating around these levels for the last couple of weeks and, despite some activity at times, nothing much has changed.

We seem to have entered a wait-and-see phase in a number of different assets and wouldn’t be surprised to see it continue for much of the summer.

Original Post

Oil Survives Scare, Gold Consolidates

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Oil Survives Scare, Gold Consolidates

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Eteimone Konyefa
Eteimone Konyefa Jul 22, 2021 3:37AM ET
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I think the dollar is hovering around 1800 as against the weakness of Gold and, I suspect it's support level of 1795-1797 would be broken which drive the further weakness Gold towards 1784-1754 as a result of the head and shoulders formation appearing in the daily charts.
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