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Crude, Spot Gold Rangebound

COMMODITIES
  • WTI has oscillated between losses and small gains Tuesday, headed towards the US close trading near unchanged. A stronger US dollar and increased Russian crude oil supplies in April are offsetting support from persistent geopolitical risks in the Middle East.
  • WTI May 24 is broadly unchanged at $85.4/bbl.
  • Reports suggest that the US expects any Israeli response to the Iranian drone/missile attack over the weekend to be "limited in scope."
  • Although the US may bring additional measures against Iran in retaliation for its attack on Israel, meaningful action is unlikely as it risks antagonising China, the Washington Post and Reuters said.
  • A bull theme in WTI futures remains intact and recent gains reinforced current bullish conditions and confirmed a resumption of the uptrend. The next objective is $89.08, a Fibonacci projection. Initial firm support to watch lies at $83.86, the 20-day EMA.
  • Spot gold has swung between modest gains and losses today and is currently up 0.2% at $2,388/oz.
  • With the yellow metal trading closer to its recent highs, attention remains on $2452.5, a Fibonacci projection. Initial firm support is at $2276.1, the 20-day EMA.
  • After outperforming yesterday, silver has fallen 2.1% today to $28.3/oz, leaving the metal around 5% off its recent 3-year high.
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