This bullish candle in crude oil looks pretty solid. If it holds steady around $CL 84.4, the geopolitical risk premium hasn’t finished running its course. The situation with Iran remains unresolved; with U.S. stocks opening lower, capital is being pushed toward safe-havens and real assets instead. Oil is up nearly 3% today—this speaks volumes.
Gold, however, is a bit interesting. $XAU 4395 traded sideways all day, with volatility of only 0.09%, clearly waiting for direction. Normally, with crude pushing higher and U.S. stocks weaker, gold should show some movement—but it isn’t. This suggests the market hasn’t yet transmitted the risk-off sentiment into precious metals.
My view: Above $CL , look for 86.5. If it breaks below 83.5, this rebound will be effectively invalidated. As for $XAU , don’t rush—wait until it has chosen a direction. Entering now is just grinding away at patience. If geopolitics continues to intensify, crude oil’s upside momentum is much stronger than gold’s, and this oil-versus-gold relative move may still have room to pull higher.
#gold
Gold, however, is a bit interesting. $XAU 4395 traded sideways all day, with volatility of only 0.09%, clearly waiting for direction. Normally, with crude pushing higher and U.S. stocks weaker, gold should show some movement—but it isn’t. This suggests the market hasn’t yet transmitted the risk-off sentiment into precious metals.
My view: Above $CL , look for 86.5. If it breaks below 83.5, this rebound will be effectively invalidated. As for $XAU , don’t rush—wait until it has chosen a direction. Entering now is just grinding away at patience. If geopolitics continues to intensify, crude oil’s upside momentum is much stronger than gold’s, and this oil-versus-gold relative move may still have room to pull higher.
#gold