Oil prices extended gains to fresh one-month highs

OIL 

Oil prices extended gains to fresh one-month highs around $68 earlier in the week, but failed to preserve gains and retreated as traders opted to take some profit amid rising coronavirus cases in India and Japan. India the world's third-largest oil user, reported another record increase in the daily death toll from COVID-19 and another record rise in cases. As a result, the futures slipped to the 20-DMA around $4.50 figure ahead of the weekend. Also on the negative side, the American Petroleum Institute reported an unexpected build in crude oil inventories of 436,000 barrels for the week ending April 16 while analysts had predicted a draw of nearly 3 million barrels for the week. The Energy Information Administration reported that U.S. crude inventories rose by 600,000 barrels following declines in each of the previous three weeks.  

GOLD 

Gold prices turned marginally lower on Thursday following two days of gains. The precious metal has been trending north these days, targeting the 100-DMA that arrives just above the $1,800 key barrier. A decisive break above the mentioned moving average for the first time since early January would improve the picture substantially. Fears about another wave of COVID-19 infections continue weighing on investors' sentiment, which is is seen as another factor that gives a lift to the safe-haven XAU/USD. Furthermore, the USD struggles to regain upside impetus as US Treasury yields keep retreating from highs.