Prices have rebounded to support-turned-resistance at the lower boundary of a Rising Wedge formation set from early February. Risk trends remain an important driver of directional momentum, with the 20-day percent change correlation between crude and the MSCI World Stock Index now at 0.7. This hints that bearish momentum may be set to resume with European shares drifting lower while US stock index futures have erased Asian session gains. The landscape could look markedly different however amid another busy day of earnings releases, with top financial names including Morgan Stanley and Wells Fargo set to report first-quarter results. DOE crude inventory figures headline the economic calendar. Initial support lines up at $83.19. Gold, Silver Recover but Risk Trends May Favor Sellers Gold $1144.50 +$3.75 +0.33% Prices have rebounded from support at $1128.71, the swing top form mid-March, recovering to re-test the outer layer of the $1144.98 – 1151.85 congestion region. The 20-day correlation with the MSCI World Stock Index remains potent at 0.87, hinting that - as with oil - the earnings calendar remains the dominant catalyst for near-term directional momentum. Silver $17.95 +$0.11 +0.60% Prices are edging higher from support at the bottom of a rising channel set from the swing low in early February. Initial support lines up at $18.25. As with gold, risk trends and the earnings calendar are holding the spotlight at present.

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