Higher highs for gold and silver, though risk-on play dents gains
Silver finishes higher while gold replaces back down following higher highs as unfounded and improved risk appetite take oil price back up.

GOLD: At mercy of risk-related moves as unconfirmed trade optimism undoes recent moves
For gold’s price, it was a significant move higher to fresh levels unseen since 2013 and enticed plenty of longs into entering hoping it was another bull run higher. And while that still may be the case if trade optimism goes unconfirmed, the increased volatility has made breakout and reversal strategies more ideal than fading ones that have been more prone to being stopped out. Retail bias is up 7%, though the bulk of those fresh longs have been initiated at higher price levels, unlike institutional bias of an extreme long 87% that were largely initiated at lower price levels.

SILVER: A rare exception as the precious metal manages to gap higher and finish higher for the session
It was a significant gap higher for this pair, enticing retail longs into closing out and taking its extreme long bias down a couple notches to 84%. Unlike gold, the retracement wasn’t as severe, and hence its price managed to hold its ground and finish higher for the session. While it’s a clear bull trend technical overview, the (relative) lack of follow through has meant it has been stalling when it reaches fresh highs, and in the process enticing contrarian traders to short, ideally as a reversal even if fading seems more attractive.

OIL – US CRUDE: Trade worries and optimism keep the pair’s price jumpy
Risk-related trades were volatile to say the least, and initial demand worries on worsening weekend trade rhetoric sent energy prices gapping lower at the start of the session, only to finish higher following optimistic trade talk from the US President. A lack of confirmation however, could put that retracement at risk, and keep its technical bias negative whereby its price is below all its main moving averages and with a negative DMI cross occurring yesterday. API is set to be released tonight with EIA tomorrow, though any confirmation on future US-Iran trade talks would mean millions of barrels being brought back into the market and make the energy commodity’s supply side outlook less restraining.

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