Gold is down $10 as broad US dollar weakness and falling demand for safety undercuts prices.
The decline breaks yesterday’s low and the April 15 momentary plunge low. The next hurdle for gold bears is the line of support at the 100-day moving average ($1279) and the April low ($1277).
Gold daily
The bulls will be hoping for fearful headlines for Ukraine or a turnaround in risk.
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Oil stocks like MGY, EQT, HP drop 3% on de-escalation news. HP's 15.8% YTD gain faces profit-taking.
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Gas prices hit $4/gallon, impacting drivers & potentially Iran war's effect on oil.
Oil prices drop 2% on de-escalation news. Energy stocks like CRC, XPRO, RES, HPK, NBR fall. NBR down 7.8%, still up 43.3% YTD.
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