Gold and Oil Face Competing Forces on July 30
Two forces are pulling commodities in opposite directions on July 30, and neither one is winning cleanly. Gold trades at $4,087/oz, up 0.52%, as geopolitical safe-haven demand from the US-Iran conflict runs headlong into a hawkish Federal Reserve that has every reason to keep rates elevated. The gap between those forces is what makes this a difficult market to read.
Key Takeaways Gold trades at $4,087/oz on July 30, up 0.52%, with $4,000 as tested support and $4,130 as near-term resistance from the July 22 high. Brent crude surged 7.84% to $90.68/bbl on July 29 after fresh US air strikes on Iran; an 8.7% drop on July 27 when strikes briefly paused shows how binary oil pricing has become. Thre…
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