Commodities Update: Technical Analysis: OIL AND RATE SURGING HIGHER TODAY

AI-generated source summary

The US Dollar Index (DXY) shows bullish momentum, currently trading at 99.17 and targeting 101.5, with a fail bound at 98.5, reflecting higher yields and a tightening economic stance. Bond yields are also surging, with the 2-year yield at 4.58% targeting 4.65 and the 10-year yield at 4.50% targeting 5.0. The 30-year yield is at 3.67% with a target of 7.5%. This rise in yields is putting downward pressure on bond prices, evidenced by TLT trading bearishly at 90.77, below its target of 75.0, with a fail bound at 95.0. Precious metals like Gold (GC1!) show strength at 1935.0, targeting 1950.0, while Silver (SI1!) at 24.19 targets 26.0, and Platinum (PL1!) at 1736.0 targets 1900.0, all indicating bullish sentiment possibly driven by inflation hedge demand. Palladium (PA1!) at 1261.0 is bearish, targeting 1350.0 with a fail bound at 1200.0. The XAU/GOLD ratio at 0.0995 is bullish, targeting 0.105. Commodities are mixed, with Crude Oil (CL1!) showing strength at 99.50, targeting 110.0, and natural gas (NG1!) at 2.82 showing a bearish to range-bound prediction with a target of 4.0 and fail bound at 2.5. Mining ETFs are generally positive, with GDX showing a bullish flag pattern and SILJ holding support. However, REMX is down 5.13% and URA is down 4%, with potential for further downside. Equities are mixed, with XHB and RUT showing weakness, while KRE and SPX are holding support. Bitcoin (BTCUSD) at 79,542.51 and Ethereum (ETHUSD) at 2450.3 appear to be consolidating but remain bullish.

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