MNI INTERVIEW2: Trump Stagflationary For Eurozone-ECB's Wunsch

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

MNI: Canada Apr-Aug Budget Deficit Doubles On Spending

MNI China Daily Summary: Friday, October 25

MNI BRIEF: China's Next NPC Meeting Scheduled For Nov 4 to 8

MNI: PBOC Net Injects CNY184.2 Bln via OMO Friday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

MNI: BELGIUM OCT BNB BUSINESS SURVEY -12.8

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Crude Pulls Back, Gold Steady, Copper Falls Again

COMMODITIES
EM BulletFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets
  • 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.
158 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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.