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Crude Slides, Spot Gold Edges Lower

COMMODITIES
  • WTI has lost ground today, falling to its lowest level since June 10. Crude is extending the recent bearish trend amid weak Chinese demand and OPEC’s planned supply boost from Q4.
  • WTI Sep 24 is down by 1.8% at $75.8/bbl.
  • After Venezuela’s President Maduro was declared the winner of Sunday’s presidential election, the US will determine whether to install future sanctions on the country based on whether Maduro’s government releases voting data.
  • The recent move lower in WTI futures signals scope for an extension near-term. A resumption of the bear leg would open $72.23, the Jun 4 low.
  • For bulls, a reversal higher would refocus attention on key resistance at $83.58, the Jul 5 high.
  • Spot gold has edged down by 0.3% to $2,379/oz today, as the market awaits Wednesday’s FOMC rate decision.
  • The yellow metal has recently pierced the 50-day EMA at $2,361.8, a clear break of which would signal scope for a deeper retracement towards $2,277.4, the May 3 low.
  • For bulls, a reversal higher would refocus attention on $2,483.7, the Jul 17 high.
  • Meanwhile, copper has slid another 0.9% to $409/lb.
  • A clear break of $405.57, 76.4% of the Feb 9 - May 20 bull cycle, would set the scene for weakness towards $372.35, the Feb 9 low.
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