BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

COMMODITIES: Short-Term Gains in WTI Futures Considered Technically Corrective

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletFixed Income BulletsForeign Exchange Bullets

WTI futures traded higher Monday. For now, short-term gains are considered corrective and the trend direction remains bearish. Resistance to watch is $78.38, the 50-day EMA. Clearance of this EMA would expose the key short-term resistance at $80.62, the May 1 high, where a break is required to cancel a bear theme. On the downside, a resumption of weakness would open $71.33, the Feb 5 low. A sharp sell-off in Gold Friday reinforces a short-term bearish theme. The yellow metal has cleared support around the 50-day EMA, at 2313.5. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction near-term. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial resistance to watch is $2387.8, last Friday’s high.  

  • WTI Crude down $0.01 or -0.01% at $77.71
  • Natural Gas up $0.12 or +4.16% at $3.027
  • Gold spot down $4.78 or -0.21% at $2305.71
  • Copper down $6.15 or -1.35% at $448.3
  • Silver down $0.5 or -1.67% at $29.242
  • Platinum down $13.66 or -1.4% at $960.94
176 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 traded higher Monday. For now, short-term gains are considered corrective and the trend direction remains bearish. Resistance to watch is $78.38, the 50-day EMA. Clearance of this EMA would expose the key short-term resistance at $80.62, the May 1 high, where a break is required to cancel a bear theme. On the downside, a resumption of weakness would open $71.33, the Feb 5 low. A sharp sell-off in Gold Friday reinforces a short-term bearish theme. The yellow metal has cleared support around the 50-day EMA, at 2313.5. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction near-term. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial resistance to watch is $2387.8, last Friday’s high.  

  • WTI Crude down $0.01 or -0.01% at $77.71
  • Natural Gas up $0.12 or +4.16% at $3.027
  • Gold spot down $4.78 or -0.21% at $2305.71
  • Copper down $6.15 or -1.35% at $448.3
  • Silver down $0.5 or -1.67% at $29.242
  • Platinum down $13.66 or -1.4% at $960.94