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Crude Pulls Back, Gold Steady, Copper Falls Again

COMMODITIES
  • Oil prices erased earlier gains to be trading lower on the day, likely driven by a rebound in the USD after lower-than-expected ISM manufacturing data.
  • WTI Sep 24 is down 1.1% at $77.1/bbl.
  • A bear threat in WTI futures remains present and yesterday’s strong bounce is considered corrective, for now.
  • A continuation lower would open $72.23, the Jun 4 low and the next key support. A reversal higher would instead refocus attention on key resistance at $83.58, the Jul 5 high.
  • Spot gold has edged down by 0.1% to $2,444/oz.
  • For bulls, this week’s gains are constructive. A continuation higher would expose $2483.7, the Jul 17 high.
  • On the downside, initial support $2,401.3, the 20-day EMA.
  • Meanwhile, copper is down 2.3% today to $408/lb, unwinding yesterday’s gains.
  • A bear cycle in Copper futures remains intact and a clear break of $405.57, 76.4% of the Feb 9 - May 20 bull cycle, would open $372.35, the Feb 9 low. Initial firm resistance is $438.0 the 50-day EMA.
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