April 24, 2024 18:34 GMT
Crude Loses Ground, Spot Gold Remains Steady
COMMODITIES
- WTI has slid further during US hours, as the eroding geopolitical risk premium and concerns about near-term demand growth outweigh a larger than expected US stock draw.
- WTI Jun 24 is down 0.5% at $82.9/bbl.
- WTI futures have recovered from their recent lows and price remains above key short-term support at $80.85, the 50-day EMA. A break of the 50-day average would signal a stronger bearish theme and open $76.07, the Mar 11 low.
- On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
- Meanwhile, Henry Hub is headed for its lowest close since March 26 as milder weather and high storage inventories pile pressure on the front month.
- US Natgas May 24 is down 7.5% at $1.68/mmbtu.
- Spot gold remains broadly unchanged again on Wednesday at $2,321/oz.
- The precious metal has traded below the 20-day EMA and this signals the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2,221.5, the 50-day EMA.
- Key resistance and the bull trigger has been defined at $2,431.5, the recent Apr 12 high.
- Copper is up by 0.5% to $445.7/lb.
- A bullish theme in copper futures remains intact, with attention on $460.76, a Fibonacci projection. Key support is seen at $414.19 the 50-day EMA.
206 words