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Crude Erases Friday’s Losses, Spot Gold Edges Higher

COMMODITIES
  • Crude has found further support today, reversing Friday’s losses. Expectations of rising product demand during the summer travel season and a weaker USD on the day have been supportive.
  • WTI Aug 24 is up 1.1% at $81.6/bbl.
  • The EU imposed sanctions on 27 ships, including 17 that have been transporting oil on behalf of Moscow, Bloomberg reported.
  • For WTI futures, the climb above $80.11, the May 29 high, has opened $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.65, the 20-day EMA.
  • Meanwhile, Henry Hub has ended the day trading higher, bolstered by an expectation of rising cooling demand.
  • US Natgas Jul 24 is up 4.0% at $2.81/mmbtu.
  • Spot gold has risen by 0.5% on Monday to $2,334/oz.
  • Gold continues to trade below resistance - for now. The yellow metal recently pierced the 50-day EMA, at $2,318.3, a clear break of which would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
  • Meanwhile, gold may rise to $3,000/oz over the next 12-18months, according to separate reports from BofA and Citi. Citi notes that expected Fed rate cuts should be particularly bullish for precious metals.
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