April 23, 2024 18:31 GMT
Crude Rises, Spot Gold Recovers On Softer USD
COMMODITIES
- WTI is approaching the US close trading higher on the day, boosted by a fall in the US dollar on the back of softer US PMI data.
- WTI Jun 24 is up 1.8% at $83.4/bbl.
- The US extended sanctions on Iran’s oil sector to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude. Analysts don’t expect the new measures to have a material impact on Iran’s crude exports.
- For WTI futures, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. On the downside, key short-term support is at the 50-day EMA, at $80.75.
- Spot gold has recovered to be broadly unchanged at $2,327/oz, helped by the pullback in the dollar, having dipped to an intraday low of $2,292 earlier in the session.
- The yellow metal breached the 20-day EMA earlier, signalling the start of a corrective cycle. A continuation would signal scope for an extension towards $2217.4, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought trend condition to unwind.
- Key resistance and the bull trigger has been defined at $2431.5, the recent Apr 12 high.
- Meanwhile, silver is up 0.6% on the day at $27.4/oz.
- By contrast, copper is down 0.9% to $443/lb, leaving the metal 2.5% off the near two-year high reached early in yesterday’s session.
215 words