Oil and metals rally as dollar eases

At the time of writing, gold was up nearly 1% at around 1,860 USD, silver advanced 2.2% to 25.40 USD, and oil rallied to 53 USD. 

However, metals are still sharply lower since Friday’s massacre, which sent gold down 4%, and silver plummeted 10%. 

On the other hand, US yields continue to spike, which is looking quite scary right now. The 10-year is up for the sixth consecutive day, having jumped more than 25% from 0.91 to 1.15%. 

It is unlikely that the Fed will tolerate higher yields, especially if they continue to rise vertically. Until then, the greenback might recover slightly, but the long-term trend still appears bearish for the USD and UST.

For now, US stocks are ignoring record valuations and rising yields, and after yesterday’s mild correction, indices are again heading higher. 

Later in the day, the US JOLTS job openings for November are due, and it is expected to improve notably. 

Source: https://www.axiory.com/market-news/oil-and-metals-rally-as-dollar-eases