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Crude Rises Strongly, Spot Gold Reaches Another Record High

COMMODITIES
  • WTI traded through its first resistance band amid strong gains on the day. Support has been driven by improved China demand expectations, supply cuts during Q2 and with geopolitical tensions rising.
  • WTI MAY 24 is up 1.6% at $85.1/bbl.
  • An OPEC+ ministerial panel is unlikely to recommend any oil output policy at its meeting April 3, five OPEC+ sources told Reuters.
  • A bull theme in WTI futures remains intact and yesterday’s move higher, plus today’s follow through, reinforces current conditions and confirms a resumption of the uptrend. This signals scope for an extension towards the $90.00 handle further out. The next objective is $85.73, a Fibonacci projection.
  • Spot gold is up a further 0.9% on Tuesday at $2,272/oz, having hit another all-time high of $2,277/oz earlier in the session amidst the rise in geopolitical tensions in the middle-east.
  • The trend condition in gold remains bullish and the move to fresh all-time highs once again this week signals scope for a climb towards $2282.6, a Fibonacci projection. Key trend support has been defined at $2146.2, the Mar 18 low.
  • Meanwhile, silver is outperforming today, rising by 3.5% to $25.97/oz, closing in on its two-year high at $26.22. This extends silver’s winning streak to four sessions, the most since early December.
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