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Crude Regains Ground, Gold Pulls Back Further From Highs

COMMODITIES
  • WTI has broken through yesterday’s high, regaining all the previously lost ground to be back to July 23 levels.
  • WTI Sep 24 is up 0.7% at $78.1/bbl.
  • For WTI futures, vol band based support undercuts from here at $76.52, ahead of key support at the June 4 low of $72.23. Initial key resistance to watch is $83.58, the July 5 high.
  • Gold has fallen by 1.6% to $2,358/oz on Thursday, pushing spot below the 20-day EMA support to new pullback lows.
  • The move brings the yellow metal to its lowest level since July 9, following solid US data which have reduced the odds of an imminent Fed rate cut.
  • Spot has also pierced the 50-day EMA at $2,359.7, with next support at $2,286.9, the June 7 low.
  • Meanwhile, silver is down by 3.7% to $27.8/oz today.
  • Silver has slipped through further supports, taking out the weekly lows and extending the negative response to the break of the 50-day EMA. $28.573, the Jun 26 low, has given way, opening $26.018 as the next key level.
  • In contrast, copper has edged up by 0.3% to $412/lb, the first gain in nine sessions.
  • Key support to watch lies at $402.35, the March 27 low.
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