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Energy, Industrials Offered as Stock Rally Slows

COMMODITIES
  • Oil benchmarks and industrial metals slipped Wednesday, with most contracts touching multi-week lows as markets narrowed in on comments from Fed's Clarida, who spoke in favour of a 2021 taper and talked up the likelihood of rate liftoff in 2023. This brought forward market pricing for a first Fed rate hike, weighing on global equities and commodities in the process.
  • Brent futures remain weak, edging to new weekly lows and prompting a sharp deterioration in the outlook. The move below the 50-day EMA looks convincing, with support now exposed at 70.52 initially as well as the Jul 20 low and bear trigger at 66.91/43.
  • Gold staged a decent intraday rally, but the rally faltered ahead of resistance, keeping the near-term outlook neutral. has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. The outlook is bullish and the recent pullback was considered corrective. Price still needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle.
Energy BulletsCommodities
Energy BulletsCommodities

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