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COMMODITIES: Crude Extends Losses, Gold Bull Wave Remains Intact

COMMODITIES
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  • Oil prices have fallen further today, as President Trump’s plan to squeeze Iranian exports clashes with his vows to lift production. The two opposing forces have seen WTI struggle for direction.
  • WTI Mar 25 is down by 0.6% at $70.6/bbl.
  • Donald Trump could ultimately prove to be a bearish influence on the oil market, Citigroup said, with a forecast of $60-65/bbl through H2 2025.
  • Recent weakness in WTI futures marks an extension of the current corrective cycle. Price has fallen below the 50-day EMA at $72.20, suggesting scope for a deeper retracement towards $68.05, the Dec 20 low.
  • Meanwhile, Henry Hub is on track for gains, with falling temperatures in the coming week and an average-level stock draw last week offsetting strong production figures.
  • US Natgas Mar 25 is up 1.6% at $3.41/mmbtu.
  • Spot gold has fallen by 0.6% on Thursday to $2,851/oz, leaving the yellow metal ~$31 below yesterday’s fresh record high.
  • Despite this, a bull cycle remains in play, and Citi analysts see gold hitting $3,000 within three months due to geopolitical tensions and trade wars.
  • From a technical perspective, sights are on $2,889.9 next, a Fibonacci projection, followed by round number resistance at the $2,900 level.
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  • Oil prices have fallen further today, as President Trump’s plan to squeeze Iranian exports clashes with his vows to lift production. The two opposing forces have seen WTI struggle for direction.
  • WTI Mar 25 is down by 0.6% at $70.6/bbl.
  • Donald Trump could ultimately prove to be a bearish influence on the oil market, Citigroup said, with a forecast of $60-65/bbl through H2 2025.
  • Recent weakness in WTI futures marks an extension of the current corrective cycle. Price has fallen below the 50-day EMA at $72.20, suggesting scope for a deeper retracement towards $68.05, the Dec 20 low.
  • Meanwhile, Henry Hub is on track for gains, with falling temperatures in the coming week and an average-level stock draw last week offsetting strong production figures.
  • US Natgas Mar 25 is up 1.6% at $3.41/mmbtu.
  • Spot gold has fallen by 0.6% on Thursday to $2,851/oz, leaving the yellow metal ~$31 below yesterday’s fresh record high.
  • Despite this, a bull cycle remains in play, and Citi analysts see gold hitting $3,000 within three months due to geopolitical tensions and trade wars.
  • From a technical perspective, sights are on $2,889.9 next, a Fibonacci projection, followed by round number resistance at the $2,900 level.