April 25, 2024 19:03 GMT
Crude Finds Late Rebound, Spot Gold Range Trading
COMMODITIES
- Crude markets have rebounded to approach US close trading higher. A reversal in US dollar strength has offered support to WTI. Demand concerns continue to be weighed against fears for Middle East supply.
- WTI Jun 24 is up 1.0% at $83.7/bbl.
- WTI futures have recovered from their recent lows and price remains above key short-term support at $81.03, the 50-day EMA. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
- In contrast, Henry Hub is trading lower on the day, driven by a slightly higher than expected build in US gas storage inventories.
- US Natgas May 24 is down 2.1% at $1.62/mmbtu.
- Meanwhile, spot gold is up 0.7% at $2,333/oz.
- The precious metal has recently pierced the 20-day EMA and a continuation lower would signal scope for an extension towards $2229.4, the 50-day EMA. Key resistance and the bull trigger has been defined at $2431.5, the recent Apr 12 high.
- Copper is up by 1.3% at $454.6/lb, having hit a near 23-month high of $458.6 earlier in the session.
- A bullish theme in copper futures remains intact, with attention on $460.76 next, a Fibonacci projection. Key support is seen at $415.53, the 50-day EMA.
195 words