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Commodities Demonstrate Relief Rally. Is It Sustainable?

July 23, 2015 at 9:12 by Vladimir Vyun

Commodities demonstrated a relief rally today following yesterday’s huge losses. Crude oil managed to carve out gains while gold and silver climbed more than 1 percent. The important question: is the rally sustainable?

Truth be told, it is highly unlikely that raw materials will be able to hold onto gains as fundamentally nothing has changed. Oversupply and lack of demand will most certainly continue keep commodities under selling pressure.

August contract for gold advances as much as 1.14 percent to $1,103.90 per troy ounce as of 9:09 GMT on COMEX today. September futures for delivery of silver surged 1.19 percent to $14.91 per ounce. Contract for WTI crude oil gained 0.35 percent to $49.36 per barrel on NYMEX, and Brent crude rose 0.07 percent to $56.17 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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