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Weekly Commodity Update: Stress Test Results Reduce Support for Gold
Ole Hansen, Senior Manager at Saxo Bank specializing in commodities and futures.
Improving broad sentiment has been driven by the EU stress test results, US housing data and a rally for Chinese stocks. This is offset, however, by consumer confidence still being down and double dip recession fears still lingering.
Increased risk appetite has triggered profit taking in gold. Crude oil has been stuck in the $75-81 range. Sugar has been the star performer of the month, and wheat is affected by drought conditions in Russia's Black Sea region.
Read articles by Ole Hansen www.tradingfloor.com/ole-hansen
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05:09 minutes
Tags: china, chinastockrally, commodity, consumerconfidence, crude, crudeoil, doubledip, futures, gold, reutersforex, riskappetite, stresstest, sugar, ushousingdata, wheat