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Crude Makes Robust Gains, Spot Gold Steady Ahead Of Fed

COMMODITIES
  • Crude futures rose further on Monday as an escalation in attacks on Russian refineries raised concern for oil product supplies.
  • WTI is up 2.3% on the day at $82.9/bbl.
  • WTI futures have now cleared the Fibonacci retracement point at $81.70, which has opened $84.66 next, the Oct 20 ‘23 high. On the downside, support to watch is $77.07, the 50-day EMA.
  • Meanwhile, Henry Hub has rebounded today from the low of $1.646/mmbtu on March 15 and reversed much of the previous day’s losses. Upside comes from forecasts for colder weather across the US towards the end of March.
  • US natural gas APR 24 is up 3.4% at $1.71/mmbtu.
  • Spot gold rose by 0.2% on Monday to $2,160/oz, as the yellow metal remains steady ahead of Wednesday’s Fed interest rate decision.
  • The recent break above $2135.4, the Dec 4 high, reinforces bullish conditions and signals scope for $2206.6 next, a Fibonacci projection. Short-term conditions are overbought and a deeper retracement would allow this set-up to unwind. Firm support is at $2112.9, the 20-day EMA.
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