MNI: Fraying World Trade Making CPI Higher, More Volatile- BOC

MNI China Daily Summary: Tuesday, Sept 10

MNI BRIEF:China To Resolve EV Disputes With EU Via Negotiation

MNI BRIEF: Brazil's August Inflation 4.24%, Monthly Deflation

MNI BRIEF: China Aug Exports Up 8.7% Y/Y, Surplus $91.0 Bln

MNI BRIEF: China August Crude Oil Imports Increase From July

MNI: US REDBOOK: SEP STORE SALES +6.5% V YR AGO MO

US NFIB AUG SMALL BUSINESS INDEX 91.2

EZ/UK Bond Supply Calendar: EU, IT Syndis; NE, UK, DE Due Tuesday

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMODITIES: Gold Remains in Consolidation Mode Close to Recent Highs

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA. Gold is in consolidation mode and remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2448.3, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude down $0.55 or -0.8% at $68.21
  • Natural Gas down $0.02 or -0.69% at $2.155
  • Gold spot down $3.72 or -0.15% at $2501.73
  • Copper down $2.15 or -0.52% at $412.45
  • Silver up $0.01 or +0.03% at $28.3455
  • Platinum up $0.75 or +0.08% at $943.32
181 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA. Gold is in consolidation mode and remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2448.3, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude down $0.55 or -0.8% at $68.21
  • Natural Gas down $0.02 or -0.69% at $2.155
  • Gold spot down $3.72 or -0.15% at $2501.73
  • Copper down $2.15 or -0.52% at $412.45
  • Silver up $0.01 or +0.03% at $28.3455
  • Platinum up $0.75 or +0.08% at $943.32