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Crude Finds Support, Spot Gold Remains Within Recent Ranges

COMMODITIES
  • Crude markets are ending the day higher after a slightly above-expectation US stock draw in the latest weekly EIA petroleum data. The market remains resilient to the geopolitical risk associated with Israel-Hamas ceasefire talks.
  • WTI Jun 24 is up 0.8% at $79.0/bbl
  • A bearish theme in WTI futures remains intact, with price recently breaching the 50-day EMA, highlighting scope for a deeper correction.
  • This has opened $76.07, the Mar 11 low. Initial firm resistance is at $84.46, the Apr 26 high.
  • Spot gold is broadly unchanged at $2,312/oz on Wednesday, as the yellow metal continues to trade within recent ranges.
  • China’s gold accumulation has slowed, with the PBoC purchasing 60k troy ounces in April, down from 160k in March and 390k in Feb according to BBG.
  • Having traded through the 20-day EMA, a continuation lower for gold would signal scope for an extension towards $2,255.2, the 50-day EMA.
  • Meanwhile, copper is down 1.3% at $454.5/lb today.
  • A bullish theme in copper futures remains intact and the latest retracement is considered corrective. Scope is seen for $477.04 a Fibonacci projection. Key support lies at $428.19, the 50-day EMA.
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