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Crude, Henry Hub Set for Robust Gains, Spot Gold Rangebound

COMMODITIES
  • Crude is heading for the US close with robust gains, amid support from a better risk sentiment. WTI has also broken through the May 29 technical resistance.
  • A Reuters survey expects US crude stocks to have fallen by 2.3m bbl last week, likely supportive.
  • WTI Jul 24 is up by 1.3% at $81.4/bbl.
  • For WTI futures, a clear break of $80.62, the May 29 high, would cancel a recent bearish theme and pave the way for $82.93, a Fibonacci retracement point. Initial firm support to watch is $78.16, the 20-day EMA.
  • Henry Hub is also set for strong gains on the day as a heat wave across parts of the US boosts cooling demand for natural gas.
  • US Natgas Jul 24 is up by 4.0% at $2.9/mmbtu.
  • Meanwhile, spot gold remains rangebound, currently up by 0.5% on the day at $2,330/oz.
  • The yellow metal has traded through the 50-day EMA, at $2,315.3, signalling scope for a deeper correction to $2,277.4, the May 3 low. Initial firm resistance remains at $2,387.8, the Jun 7 high.
  • Copper is up by 0.5% at $445/lb.
  • A corrective cycle that started May 20 remains in play, with potential for a deeper move towards $426.12, a Fibonacci retracement. Key resistance has been defined at 513.10, the May 20 high.
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