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Oil recovering slowly, can gold hit $2000?

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Economic fears weigh on oil recovery

Oil prices are continuing to gradually recover but remain way off pre-banking mini-crisis levels. The prolonged economic scarring of the last month will likely slow the economy if not cause a recession and lower interest rate expectations are not enough to support oil prices in the short term.

They continue to trade around the range lows from the months that preceded recent events and may struggle to reestablish themselves around those previous levels. The recovery may be a slow grind as confidence improves and we learn what the longer-term consequences are of what we’ve seen in the banking sector. ​ ​

Gold facing strong resistance at $2,000

It’s been a very good start to the year for gold and the banking turmoil in March was another very bullish catalyst for it. So much so that it’s barely given back any of those gains as interest rate expectations have barely shifted back and yields have remained lower. Gold bulls may be encouraged by this but $2,000 could be a big barrier to overcome, considering it’s already failed here twice over the last few weeks. A hold above that level could be the catalyst for a run at all-time highs around $2,070.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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