Oil Drifts, Gold Edges Lower On US Yields | investing.com – Investing.com

SectorOil & Gas

Oil trades sideways With no real fireworks from the FOMC and no new emerging drivers for prices, oil markets contented themselves to trade sideways overnight, with the rise in US gasoline inventories acting a modest brake on price rises. edged 0.35% higher to USD62.90 overnight with climbing 0.65% to USD59.50 a barrel. Both contracts have added 20 cents in Asia as oil markets continue to monitor developments in the US/Iran talks in Vienna. Although the chances of a breakthrough are low, any signs that one may occur is likely to send oil lower in the short term. Brent crude’s critical levels at USD60.00 and USD65.00 a barrel. WTI’s are USD57.50 and USD62.50 a barrel.

Intraday sentiment and flows continue to dominate proceedings. Gold edges lower on US yield rise prices remain connected at the hip to movements in the US bond yields. Overnight, US 10-years rose slightly which pushed gold 0.33% lower to USD1737.70 an ounce, with gold rising slightly to USD1738.70 an ounce in a moribund Asian session. Although the rally has halted temporarily at the USD1745.00 an ounce resistance level, gold’s overall performance remains impressive, notably because it has formed a series of daily lows at the 61.80% Fibonacci ...read more...