Monthly Oil Prices
Crude oil prices hit over $66 a barrel on Friday, setting a fresh high for the year and confirming their biggest monthly gain in over 10 years. July contract for Nymex WTI rose 92 cents and at one point touched $66.03 (up 29.8% this month). WTI is on course for its best monthly performance since March 1999 when it gained 36.5%. July ICE Brent rose 90 cents to $65.29. The exuberance in daily oil prices is a heady mix of OPEC’s optimism that oil demand should increase in
Gold Weekly Technical Outlook
Comex Gold (GC) Gold’s rally extended to as high as 982.0 last week and has finally taken out 967.7 resistance. From a short term angle, initial bias remains on the upside and further rise should now be seen to test 1007.7/1033.9 resistance zone first. On the downside, below 872.2 minor support will indicate that an intraday top is formed and bring consolidation. But pullback should be contained above 945.8 support and bring rally resumption. In the bigger picture, the break of 967.7