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COMMODITIES: Crude Remains Under Pressure, Spot Gold Pares Losses

COMMODITIES
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  • WTI is trading lower today and was largely unmoved by the Fed’s decision to hold rates unchanged. Stronger focus is on the US inventory builds.
  • WTI Mar 25 is down by 1.1% at $72.9/bbl.
  • The move lower in WTI futures this week has resulted in a breach of the 20-day EMA, turning attention to support around the 50-day EMA, at $72.24. A clear break of this average would open $68.05, the Dec 20 low.
  • Meanwhile, spot gold has pared losses as Fed Chairman Powell says in his press conference that the removal of the reference to inflation progress wasn’t meant to send any signal.
  • The yellow metal is currently down by 0.3% at $2,756/oz.
  • A bull cycle in gold is still in play, with sights on $2,790.1, the Oct 31 all-time high.
  • On the downside, the first key support to watch is $2,678.1, the 50-day EMA.
  • Silver has outperformed today, with the precious metal rebounding by 1.3% to $30.8/oz, leaving the gold-silver ratio 2.5% below the 12-month high reached earlier this week.
  • For silver, a bear cycle remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term, with key resistance seen at $32.338, the Dec 12 high.
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  • WTI is trading lower today and was largely unmoved by the Fed’s decision to hold rates unchanged. Stronger focus is on the US inventory builds.
  • WTI Mar 25 is down by 1.1% at $72.9/bbl.
  • The move lower in WTI futures this week has resulted in a breach of the 20-day EMA, turning attention to support around the 50-day EMA, at $72.24. A clear break of this average would open $68.05, the Dec 20 low.
  • Meanwhile, spot gold has pared losses as Fed Chairman Powell says in his press conference that the removal of the reference to inflation progress wasn’t meant to send any signal.
  • The yellow metal is currently down by 0.3% at $2,756/oz.
  • A bull cycle in gold is still in play, with sights on $2,790.1, the Oct 31 all-time high.
  • On the downside, the first key support to watch is $2,678.1, the 50-day EMA.
  • Silver has outperformed today, with the precious metal rebounding by 1.3% to $30.8/oz, leaving the gold-silver ratio 2.5% below the 12-month high reached earlier this week.
  • For silver, a bear cycle remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term, with key resistance seen at $32.338, the Dec 12 high.