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Crude Eases Back, Gold, Silver Pierce Support

COMMODITIES
  • WTI is headed for US close trading lower, with pressure from a stronger US dollar on the day. However, crude remains in the three-day trading range and expectations of a tighter balance over the summer is supportive.
  • WTI Aug 24 is down 0.9% at $80.9/bbl.
  • The OPEC production cut extension into Q3 and a potential summer boost to fuel demand are supporting prices despite the disappointing early summer demand data.
  • For WTI futures, the recent move higher has resulted in a break of $80.11, the May 29 high and a key resistance. This paves the way for $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.87, the 20-day EMA.
  • Spot gold has fallen by 0.6% on Tuesday to $2,320/oz.
  • Gold continues to trade below resistance and a bear threat remains present. The yellow metal has pierced the 50-day EMA at $2,318.3, below which a clear break would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
  • Meanwhile, silver is underperforming, down 2.3% on the day at $28.9/oz. As a result, the gold-silver cross has risen to its highest level since May 17.
  • Silver has now pierced support at $29.018, the 50-day EMA, opening $27.971, the May 13 low. A reversal higher would refocus attention on key resistance at $32.518, May 20 high.
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