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Crude Gains Ground, Spot Gold Unchanged

COMMODITIES
  • WTI is up around 4.5% on the week to its highest level since Aug 2. Ongoing Middle East tensions and an easing of US recession concerns have been supportive.
  • WTI Sep 24 is up 0.8% at $76.8/bbl.
  • A bear threat in WTI futures remains present despite this week’s recovery, a correction. Short-term gains are allowing an oversold condition to unwind.
  • A resumption of weakness would again expose the next key support at $72.23, the Jun 4 low. Key resistance is seen at $78.88, the Aug 1 high.
  • Spot gold is broadly unchanged at $2,428/oz on Friday, leaving the yellow metal 0.6% lower on the week.
  • Recent weakness in gold appears to be a correction. A resumption of gains would open $2,483.7, the Jul 17 high.
  • Support is seen at the 50-day EMA, at $2,379.6.
  • Meanwhile, copper has pared gains later in today’s session, with the red metal currently up by 0.7% at $399/lb. The move leaves copper 2.8% lower over the week.
  • A bear cycle in copper futures remains intact, with attention on $372.35, the Feb 9 low. Initial firm resistance is at $429.93, the 50-day EMA.
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