[MARKET ANALYSIS] Oil prices are contained after retreating yesterday on supply-side headlines, while gold partially rebounds from its post-FOMC drop

In past episodes of this kind the crude response has been front-loaded in the nearby contracts and the spread, with the unwind tending to run until the repair timetable is either confirmed or slips, so follow-on supply headlines rather than macro carry the tape. Gold's partial rebound after a hawkish FOMC drop fits a familiar sequence, where the first move lower reflects the repricing of real yields and the dollar, and the stabilisation follows once the shock is absorbed; sustained recoveries have historically required the repricing to stop rather than merely pause. The round-number level being retested matters more as a positioning marker than a fundamental one. Copper's resilience alongside Asia-Pac equity steadiness is the cleaner tell on whether the hawkish surprise is being read as a growth threat or a policy recalibration. The next catalysts are the confirmation or slippage of the Saudi and Libyan supply restorations, and any follow-through Fed commentary that either cements or dilutes the hawkish read.