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Crude Falls, Copper Drops After Soft Q2 Chinese GDP Data

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  • WTI is falling today as geopolitical risks are weighed against a stronger US dollar and concerns of weaker demand in China.
  • WTI Aug 24 is down 0.3% at $81.9/bbl.
  • For WTI futures, sights remain on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $80.07, the 50-day EMA.
  • Meanwhile, Henry Hub has extended its losses during US hours and is on track for its lowest since May 3. The delayed return of Freeport LNG following the halt due to hurricane Beryl has added pressure.
  • US Natgas Aug 24 is down 7.0% at $2.17/mmbtu.
  • Spot gold is up 0.5% on the day at $2,424/oz, albeit off the $2,439.8 intra-day high, which was just $10 shy of the May 20 record high.
  • Key resistance is at $2,450.1, the May 20 high, while initial support to watch lies at the 50-day EMA, at $2,339.3.
  • Copper has fallen by 1.7% to $451/lb on Monday, unwinding Friday’s rebound, following the softer-than-expected Chinese GDP data.
  • A bearish corrective cycle that started May 20, remains in play for now. A resumption of the bear leg would open $426.12, a Fibonacci retracement. Initial resistance to watch is $489.25, the May 29 high.
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  • WTI is falling today as geopolitical risks are weighed against a stronger US dollar and concerns of weaker demand in China.
  • WTI Aug 24 is down 0.3% at $81.9/bbl.
  • For WTI futures, sights remain on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $80.07, the 50-day EMA.
  • Meanwhile, Henry Hub has extended its losses during US hours and is on track for its lowest since May 3. The delayed return of Freeport LNG following the halt due to hurricane Beryl has added pressure.
  • US Natgas Aug 24 is down 7.0% at $2.17/mmbtu.
  • Spot gold is up 0.5% on the day at $2,424/oz, albeit off the $2,439.8 intra-day high, which was just $10 shy of the May 20 record high.
  • Key resistance is at $2,450.1, the May 20 high, while initial support to watch lies at the 50-day EMA, at $2,339.3.
  • Copper has fallen by 1.7% to $451/lb on Monday, unwinding Friday’s rebound, following the softer-than-expected Chinese GDP data.
  • A bearish corrective cycle that started May 20, remains in play for now. A resumption of the bear leg would open $426.12, a Fibonacci retracement. Initial resistance to watch is $489.25, the May 29 high.