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Crude Weakens, Spot Gold, Copper Consolidate

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  • WTI is ending the day trading lower as the market focuses on demand outlooks and the effects of a possible delay in US Fed rate cuts.
  • WTI Jun 24 is down 0.8% at $79.2/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $76.07 next, the Mar 11 low. Initial firm resistance to watch is at $84.46, the Apr 26 high.
  • Spot gold has edged down by 0.2% to $2,420/oz on Tuesday, as the yellow metal consolidates after hitting a fresh all-time high yesterday.
  • Yesterday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and paves the way for a climb towards 2452.5 next, a Fibonacci projection.
  • On the downside, the 50-day EMA, at $2288.7, represents a key support. A clear break of it would be bearish.
  • Meanwhile, copper is up by 0.6% at $511/lb, as it too consolidates just below the record high it reached in Monday’s session.
  • Copper futures remain in a clear uptrend, with the contract trading through a key resistance at $503.95, the Mar 2022 high. A clear breach of this level would open $520.65, a Fibonacci projection.
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  • WTI is ending the day trading lower as the market focuses on demand outlooks and the effects of a possible delay in US Fed rate cuts.
  • WTI Jun 24 is down 0.8% at $79.2/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $76.07 next, the Mar 11 low. Initial firm resistance to watch is at $84.46, the Apr 26 high.
  • Spot gold has edged down by 0.2% to $2,420/oz on Tuesday, as the yellow metal consolidates after hitting a fresh all-time high yesterday.
  • Yesterday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and paves the way for a climb towards 2452.5 next, a Fibonacci projection.
  • On the downside, the 50-day EMA, at $2288.7, represents a key support. A clear break of it would be bearish.
  • Meanwhile, copper is up by 0.6% at $511/lb, as it too consolidates just below the record high it reached in Monday’s session.
  • Copper futures remain in a clear uptrend, with the contract trading through a key resistance at $503.95, the Mar 2022 high. A clear breach of this level would open $520.65, a Fibonacci projection.