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Crude Rebounds, Spot Gold Retreats From Record High

COMMODITIES
  • WTI is on track for its highest close since July 8 after a larger than expected draw in US crude inventories.
  • WTI Aug 24 is up 2.6% at $82.9/bbl.
  • For WTI futures, support to watch lies at $80.20, the 50-day EMA. For bulls, attention is on resistance at $84.52, the Jul 5 high.
  • Meanwhile, spot gold has fallen by 0.5% to $2,457/oz today, having earlier in the session hit a fresh all-time high of $2,483.73/oz.
  • From a technical perspective, the trend condition in gold remains bullish and the breach of key resistance at $2450.1, the May 20 high, this week opens the $2500.00 handle next.
  • Analysts note that with positioning and sentiment not at extreme levels, this level could be tested soon enough.
  • Silver is also down by 3.2% on the day at $30.2/oz, bringing it to its lowest level since July 3.
  • Silver is currently in consolidation mode. Key resistance and the bull trigger is at $32.518, the May 20 high. On the downside, key support and the bear trigger, lies at $28.573, the Jun 26 low.
  • Copper has also fallen by 0.9% today to $441/lb, taking losses this week to 4% amid uncertainty over Chinese demand and a deterioration in risk sentiment.
  • A bearish corrective cycle that started May 20, remains in play for now, with first support at $432.90, the Jun 27 low.
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