Oil gains some momentum, but still remains lower
Oil prices are marginally higher at the start of the week but broadly speaking we’re still seeing choppy trade below the December to March range. The price break below this level was triggered by bank failures. OPEC+’s intervention temporarily helped it recover, but more could be required.
Today, despite the recent negative developments in the global economy, the oil price continues to show signs of a more positive trend. Price dropped earlier in the day but rebounded to the previous lows. This continues the trend of higher bottoms since 4 may, which could be bullish if confirmed by Brent breaking above $77.50.
Gold may be aiming for a deeper correction
Gold is marginally negative today but as is the case elsewhere, the moves today are so small I don’t take them too seriously. For the yellow metal nothing has changed. $1960 remains the key support zone, and a break would signal a more significant correction.
This rally lost its momentum when it was within a whisker away of new record highs at the beginning of this month. This could be just a…
