Oil Remains Range-Bound, Gold Under Pressure
2023.06.28 09:12
Oil prices hold in recent range
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, 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?
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.
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