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Crude Retreats, Gold Sharply Pares Gains After Fresh All-Time High

COMMODITIES
  • Crude markets are headed for the US close trading lower on Thursday, amid a strong recovery in the greenback following dovish European central banks and stronger-than-expected US data.
  • WTI is down 0.3% on the day at $81.0/bbl.
  • Last week’s gains and break of $79.87, the Mar 1 high, confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. Support to watch is $79.08, the 20-day EMA.
  • Spot gold is down 0.2% on Thursday to $2,182/oz, unwinding a rally earlier in the day which had taken the yellow metal to another all-time high at $2,221.
  • The earlier rally confirms a resumption of the primary uptrend. Moving average studies remain in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a Fibonacci projection. On the downside, key short-term trend support has been defined at $2146.2, the Mar 18 low.
  • The recovery in the greenback also weighed on silver today, which fell by 3.2% to $24.77/oz.
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