Markets Roiled by US-Iran Tensions, Crude Oil Prices Surge
The global markets are experiencing significant movements due to various factors, including US-Iran tensions and economic indicators. The Brent and WTI crude oil prices have surged higher as a result of these tensions disrupting crude flows.
The Dollar Index is currently near the resistance level of 101.25, which could lead to weakness in major currencies such as the Euro (1.13), Yen (158), USDINR (95.50), Australian dollar (0.69), Pound (1.32) if it holds and pushes down.
The US Treasury and German Yields have sharply increased, with the 10Yr GoI also rising from its support. This is causing a bullish view for yields to rise further. The Dow has fallen below 52,000 and can decline towards 51,500-51,000. The DAX remains weak below 25,500, with a break opening 25,250-25,000.
The Brent and WTI crude oil prices have surged higher as US-Iran tensions continue to disrupt crude flows. Gold needs to hold $4,300 for a recovery towards $4,500-$4,600. Silver can test $63 before a possible bounce. Copper remains weak below $6.80 and can decline towards $6.70-$6.60.