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Crude Recovers Off Lows While Gold Loses Shine

COMMODITIES
  • WTI and Brent crude futures came under pressure in early NY hours, pressing prices back toward yesterday's lows before stabilising. This rejection of the break below $80/bbl in WTI futures keeps the focus pointed higher, with key resistance and the bull trigger is at $85.41, Oct 25 high. A break of this hurdle is required to confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.45, a Fibonacci projection.
  • Gold traded poorly, reversing much of the early outperformance as the USD Index managed to print a fresh YTD high for a fifth consecutive session. $1845.29 - the Nov 12 low - marks first support, with a break below exposing $1822.4, the Nov 10 low.
  • Focus Wednesday turns to the DoE crude inventories data, with markets expecting a build of just shy of 900k barrels for the headline.
Energy BulletsCommodities
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