Oil steady, gold rising at lower yield

Oil trade sided overnight U.S. API crude oil stocks fell 2.6 million barrels, but oil prices rose slightly overnight as Brent and WTI traded within wide intraday ranges. Sentiment in Asia was negative, but the feeling of global recovery, aided by the EU's vaccination outlook and improved IMF growth forecasts, pushed oil up the day. However, the dangling stock stopped the rally in its path. Brent and WTI closed the day, up 0.70% at $ 62.70 and $ 59.20 / barrel, while intraday turns suggest oil traders are confused about the next course change. gasoline. Both contracts added 20 cents per barrel in early Asia, in line with a sense of recovery that elevated asset classes elsewhere. Oil is expected to continue to stagnate aggressively, with an impending increase in OPEC + production, while growth and recovery is offset by negotiations between the US and Iran. a wide range. From a broader perspective, critical Brent crude oil levels stand at $ 60.00 and $ 65.00 a barrel. WTIs cost $ 57.50 and $ 62.50 per barrel. Investors and traders can choose between the two on an intraday basis, with the emotion and intraday flows that dominate the process. US Interest Rates Raise Gold Gold continues to keep its signals away from US returns instead of US dollars for now. Gold rebounded impressively as US yields declined overnight, reaching $ 1,743.50 per ounce, up 0.90%. One-night profit purchase in Asia pushed gold at $ 1,737.50 an ounce. As the Rally comes to a temporary halt near the $ 1,745.00 per ounce resistance level, the overall performance of gold continues to be impressive, especially as it forms the 61.60 Fibonacci sequence from $ 1,685.00 per ounce. This continues to propose that gold is establishing a strong long-term base and a rise of 50.0% Fibonacci to $ 1,760.00 per ounce will confirm the technical picture. The real gold test will come out like we do Read more

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