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Crude Falls To Mid-June Levels, Gold Pulls Back From Record High

COMMODITIES
  • Renewed Gaza ceasefire hopes, China weakness and a stronger dollar weighed on crude markets on Friday.
  • WTI Aug 24 is down by 3.0% at $80.4/bbl.
  • For WTI futures, support at the 50-day EMA, at $79.43, remains intact. This average represents an important pivot level and a clear break would highlight a stronger reversal.
  • Spot gold has fallen by 1.9% to $2,399/oz, leaving it 3.4% below the fresh record high set on Wednesday.
  • The trend condition in gold remains bullish, despite the fade off the mid-week highs and the medium-term trend still points higher.
  • The breach of key resistance at $2,450.1, the May 20 high, opens the $2500.00 handle next. Initial support is at $2,389.5, the 20-day EMA.
  • Silver has also fallen by 2.3% to $29.1/oz, leaving it 5.5% lower on the week.
  • Silver has slipped through support Friday, to tilt the short-term outlook bearish on the move through the 50-day EMA. Key support and the bear trigger lies at $28.573, the June 26 low.
  • Meanwhile, copper has slipped another 1.0% to $423/lb, due to disappointment over a lack of stimulus measures from China. The red metal has fallen almost 8% this week to its lowest level since April 8.
  • Copper has now pierced support at $426.12, a Fibonacci retracement. Below here, key support is at $402.35, the Mar 27 low.
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