DFX: Crude Oil, Gold Prices May Advance on Firming Risk Appetite
Crude oil, gold and silver prices may tick higher as the benchmark commodities track overall risk sentiment while US equity index futures point to a higher open on Wall St.
Commodities - Energy
Crude Oil (WTI) $84.90 +$0.85 +1.01%
Prices found support at $83.19, a major previous resistance. A rebound seems likely from here with crude still closely correlated with risk trends and US stock index futures ticking up 0.2 percent ahead of the opening bell on Wall Street. First-quarter earnings figures from JPMorgan Chase as well as US Retail Sales and Consumer Price Index figures are likely to set the tone in the near term. Weekly DOE Crude Inventory figures are also on the docket.
Gold $1159.90 +$9.25 +0.80%
Prices put in a Dark Cloud Cover bearish candlestick formation below resistance at $1161.80, hinting that a reversal lower may be ahead. Near-term support lines up at $1144.98. An upbeat outlook on risk trends may delay a sell-off in the near term however as US index futures point to a higher open on Wall St.
Silver $18.45 +$0.22 +1.19%
As with gold, a Dark Cloud Cover candlestick pattern hints that a bearish reversal is brewing, but positive cues for risk appetite suggest a major downturn may be delayed in the near term. Initial support lines up at $18.25.
