Markets

Crude Oil May Correct Lower, Gold Treading Water

Crude oil prices may fall amid a larger correction in risk appetite across financial markets. Gold prices remain locked in a familiar consolidation range.

Talking Points

  • Crude Oil and Copper May Fall Amid Correction in Risk Appetite Trends
  • Gold, Silver Continue to Drift Sideways in Familiar Consolidation Ranges

Commodity prices are in consolidation mode as markets wait for a defined catalyst to spark directional momentum. S&P 500 index futures are pointing cautiously lower, hinting cycle-sensitive crude oil and copper prices may face some selling pressure as Wall Street comes online. The lull in event risk means the onset of risk aversion could materialize amid profit-taking as investors digest recent volatility. Still, conviction seems limited for now and it is questionable whether there is enough follow-through to yield a break from recent ranges. The API set of weekly crude oil inventory numbers amounts to the only mention-worthy item on the data docket.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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