Commodities
US-Iran Truce Uncertainty Keeps Precious Metals on Edge
Precious metals like gold and silver are expected to remain volatile as uncertainty over the US-Iran truce continues. Crude oil prices fell sharply after the ceasefire announcement, but later recovered.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said markets viewed the truce as a first step towards de-escalation in two weeks. However, he added that this is a pause, not a deal, and the physical oil market has not improved.
Banerjee predicts Brent crude will have key support at USD 89-90 per barrel and resistance at USD 92-95. For WTI crude, support lies at USD 84-86 and resistance at USD 92.