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Free AccessCrude Finds Late Support, Gold Recovers
- Crude markets have found support during US hours, despite an unexpected crude stock build in the latest EIA data. WTI is likely readjusting after steep losses yesterday.
- WTI Jul 24 is up by 1.2% at $74.1/bbl.
- For WTI futures, the theme is bearish, with sights on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level.
- Meanwhile, Henry Hub is up strongly from yesterday’s close, although it remains within yesterday's trading range.
- US Natgas Jul 24 is up 6.8% at $2.76/mmbtu.
- Gold has risen by 1.3% today to $2,356/oz, keeping the yellow metal in the $2,320-2,360 it has been in for most of the last nine sessions.
- A bear cycle in gold remains in play for now, although the medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind.
- A resumption of gains would open $2,452.5 next, a Fibonacci projection. The 50-day EMA, at $2,312.0, represents a key support.
- Copper is up by 1.9% on the day at $462.5/lb.
- A clear break of support at 455.07, the 50-day EMA, would suggest potential for a deeper retracement. Key resistance has been defined at 519.90, the May 20 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.