Gold Breaks Key Trendline After Vance Comments on Iran War
Gold broke above a key trendline after Vice President Vance's comments on Iran fueled de-escalation bets, opening potential rally to 4,700.
Oil prices rose after Libya's NOC halted production at three fields due to protests and warned of force majeure on deliveries.
Oil prices climbed sharply after Libya's National Oil Corporation said it had halted output at oil fields due to protests and might declare force majeure on scheduled shipments.
Production stopped at three fields after members of the Petroleum Facilities Guard — the group that protects Libya's oil infrastructure — shut a valve on the main Hamada-Zawiya crude pipeline.
In the wake of that move, the US 10-year Treasury yield once again crossed the 5% mark.
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Gold broke above a key trendline after Vice President Vance's comments on Iran fueled de-escalation bets, opening potential rally to 4,700.
Gold prices rose over 6% this week after Democratic midterm wins. The metal recovered above $4,000 and now faces a test at $4,200.
Oil prices dropped after the Democrats won the midterms. WTI crude now tests a key support region near moving averages.
Veteran trader Peter Brandt says silver may be near a final low, but warns a rebound will be gradual. The metal trades 56% below its January record.