Key Points
Crude oil prices recovered after progress was made on the US debt deal and OPEC supply cuts, while natural gas prices declined due to mild weather conditions affecting demand...
Precious metals headed for their first weekly gain in three weeks amid a softer US dollar and optimism that the Fed could go for the status quo in its June meeting..
In the energy space, crude oil prices managed to trim losses after progress was made on the US debt deal and on expectations of OPEC supply cut..
Still, gold prices managed to end on a positive note on the back of investors optimism about the Federal Reserve rate hike cycle nearing its end after some Fed officials advocated pausing the central banks monetary tightening while they assessed the impact on the economy..
Looking forward, we expect precious metals short-term outlook to remain moderately bearish as Fridays resilient US jobs data from April delayed looming recession calls and the debt ceiling drama got resolved, which reduced safe-haven demand...
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