Gold, Copper and Crude Oil Briefing
$GLD, $CU, $USO, $OIL
Commentary: Sing. closed for holiday.PE
US closing prices
After going through the Monday morning Southside test on the back of rising oil drilling rig counts, WTI Crude Oil rallied around $2 towards 69.35 in NY, as traders remain singularly focused on the Iran nuclear deal.
Prices put in their high of the day when Israeli Prime Minister Benjamin Netanyahu stocked the geopolitical fires by accusing Iran of lying about its past nuclear intentions.
Nevertheless, Netanyahu’s Hawkish retort not only increases the odds the US will pull out of the deal but raises the spectra of Israel taking military action against Iranian nuclear facilities.
As expected, the rhetoric as we near the 12 May deadlines intensifies.
The recent USD strength has negatively impacted Gold as the intensity of the USD correction caught most traders by surprise.
But, the sentiment does suggest we are little more than a trade war or Middle East escalation headline away from driving Gold’s price higher. With the unpredictability in play on these 2 important fronts, Gold prices are likely to hold support in here.
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