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Oil remains range-bound, gold under pressure

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Oil prices hold in recent range

Oil prices are edging higher again today after once again sliding back toward the range lows of the last few months. What’s interesting is that, as we’ve seen previously, Brent crude failed to reach the previous low. It’s now the fourth time that’s happened in recent months and suggests we are potentially in a prolonged period of consolidation, with little sign yet of further downside momentum building.

That may of course change as the environment changes, which can happen quite rapidly these days, but for now it looks stuck in that lower range between $70-$80, perhaps even $72-$77.

Can gold hold above $1,900?

Gold is slipping again this week after initially breaking below its recent range just over a week ago. It’s now falling to a new three-month low and appears to be closing in on $1,900 which could represent the next big test of support for the yellow metal.

Appetite for gold has dwindled as investors have increasingly come around to the reality that not only could more rate hikes be in the pipeline, but rate cuts this year are now highly unlikely. Inflation is proving even more stubborn than expected on the way down and that’s bad news for gold.

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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