The CRB Continuous Commodity Index (weekly & daily) surged again today, led by gains in agricultural commodities, gold and oil. This provides further evidence that a floor of at least medium-term significance has been reaffirmed this year. It is temporarily overbought but a close beneath 545 would be required to delay upside progress for longer than a brief pause and consolidation of gains.
London Spot Gold (weekly & daily) pushed to a new recovery high for the year today. The lows just beneath $1200 look secure for the lengthy medium term and a close beneath $1315 would be required to indicate a short-term loss of upside momentum.
Brent crude oil (weekly & daily) remains rangebound but it has firmed in recent weeks. More importantly, Russia’s military push into Crimea is the sort of international situation which can cause spikes in energy prices if the situation escalates. A further push towards $120 would certainly create a headwind for global GDP growth and stock markets.Back to top