Oil rises slightly, gold loses ground

Oil has rebounded slightly, but gold has slipped as we are seeing an improvement in risk appetite on Monday.

Oil recovers as the dust continues to settle

Oil prices are rebounding a little on Monday, up a little more than 1% in line with the broader risk rally. It’s been a volatile few weeks for crude, caught up in the banking storm as investors are forced to scale back their expectations for the economy which, in turn, has weighed heavily on demand prospects.

But with sentiment slowly improving and yields inching cautiously higher, so too are oil prices. It may take some time for the dust to settle and prices to fully reflect the new outlook after such a turbulent period which should ensure volatility remains for now.

Double top forming in gold?

Gold prices are slipping amid higher yields and an improvement in risk appetite. The yellow metal briefly surpassed $2,000 again on Friday before ending the day lower and we appear to be seeing further profit-taking today. If turbulence in the banks subsides, we could see gold give back some of its recent gains and from a technical perspective, the two failed runs at $2,000 has left us with a possible double top forming, with the neckline around $1,935.

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

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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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• Source: https://www.marketpulse.com/20230327/oil-rises-slightly-gold-loses-ground/cerlam