Crude oil and gold prices are trading higher as a better-than-expected UK GDP outcome reinforces a recovery in risk appetite and weighs on the US Dollar.
- Crude oil, Copper Rise as Risk Appetite Firms After UK GDP Report
- Gold and Silver Extend Rebound on Ebbing Haven US Dollar Demand
Commodity prices are on the upswing as risk appetite firms across financial markets in the wake of better-than-expected UK GDP figures. Cycle-sensitive crude oil and copper prices are following stocks higher while gold and silver are finding support on ebbing haven demand for the US Dollar. S&P 500 index futures are trading higher, hinting the risk-on dynamic is likely to carry forward as Wall Street comes online.
Weekly Jobless Claims figures headline a quiet data US data docket. Another hefty set of first-quarter earnings reports is also due to cross the wires. Guidance from cycle-sensitive names including Exxon Mobil and ConocoPhillips in the energy space, shipping powerhouse UPS, and consumer-linked firms like Coca-Cola and Safeway may further color investors’ bets on the trajectory of global output.
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WTI Crude Oil (NY Close): $91.43 // -0.01 // -0.01%
Prices are testing above resistance at 91.63, the 50% Fibonacci retracement. A break above that on a daily closing basis exposes the 61.8% level at 93.05. Near-term support is at 90.21, the 38.2% Fib.
Spot Gold (NY Close): $1431.95 // +18.95 // +1.34%
Prices are testing above resistance at 1434.43, the 38.2% Fibonacci retracement, with a break higher on a daily closing basis exposing the 50%at 1469.28. Near-term support is at 1391.30, the 23.6% level, with a break beneath that aiming for the April 16 low at 1321.59.
Spot Silver (NY Close): $23.19 // +0.23 // +0.98%
Prices are consolidating above support at 22.54, the 23.6% Fibonacci expansion. Near-term resistance is at 23.46, the 23.6% Fib retracement, with a break above that initially exposing the 38.2% level at 24.34. Alternatively, a drop below support aims for the 38.2% expansion at 21.66.
COMEX E-Mini Copper (NY Close): $3.158 // +0.064 // +2.07%
Prices are testing resistance at 3.208, the 50% Fibonacci expansion, after completing Bullish Engulfing candlestick pattern. A break above this barrier targets the 38.2% level at 3.265. Near-term support is at 3.151, the 61.8% Fib, with a reversal back beneath that aiming for the 76.4% expansion at 3.080.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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