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Crude Finds Late Support, Gold Recovers

COMMODITIES
  • 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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