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Crude Struggles for Direction, Precious Metals Fall Back

COMMODITIES
  • Crude has struggled for direction today, oscillating between $77.67/b and $78.86/b. Lower-than expected US PPI inflation data have been offset by expectations of a delayed start to Fed rate cuts, which could limit demand.
  • WTI Jul 24 is broadly unchanged at $78.5/bbl.
  • Key short-term resistance lies at $80.62, the May 1 high. On the downside, a resumption of weakness would open $71.33, the Feb 5 low.
  • Meanwhile, spot gold has fallen by 1.0% to $2,302/oz.
  • The yellow metal has traded below the 50-day EMA, at $2,313.6. The break confirms a resumption of the reversal that started May 20 and opens $2,277.4, the May 3 low.
  • Initial firm resistance to watch is $2387.8, the Jun 7 high.
  • Meanwhile, silver is underperforming and is down by 2.5% at $29.0/oz
  • Support to watch lies at the 50-day EMA, at $28.787. A clear break would strengthen a bearish theme. For bulls, a reversal higher would refocus attention on key resistance at $32.518, the May 20 high.
  • Copper is also down by 1.7% today at $448/lb, leaving the red metal more than 12.5% below its May 20 record high.
  • An increase in global inventories, profit-taking by investment funds and weak Chinese demand have all weighed on prices in recent sessions.
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