Dollar Bid Takes The Wind Out Of Metals Rally
Mar-16 03:10By: Jack Lewis
Oil Bullets+ 1
- Both Gold and Silver struggled on Thursday as the greenback firmed. Prices gradually retreated as little new information was received from the ECB prompting some marginal dollar strength as the path of least resistance prevailed.
- Gold maintains a technically bullish tone. The focus is on $1805.7, Feb 25 high.
- Spot gold trades down 0.72% at $1780.70
- Spot silver is down 1.58% at $26.1350
- Oil benchmarks were broadly unchanged on Thursday with both Brent and WTI consolidating towards the lower end of the week's range. Brent futures stalled at Tuesday's high of $68.08. Key support to watch is $63.22 the 50-day EMA. Similarly, WTI found resistance at $64.38 this week, Tuesday's high. The 50-day EMA at $59.54 is seen as a firm near-term support.
- OPEC+ are said to hold a full ministerial meeting on April 28, according to a draft agenda of the gathering seen by Bloomberg. Previously, OPEC+ had been discussing downgrading next week's full-scale ministerial meeting.
