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Energy Offered as Retail Sales Falls Below Forecast

COMMODITIES
  • WTI and Brent crude futures started the session poorly and deteriorated from then on, with a poorer-than-expected US retail sales reading adding to the downside pressure. Nonetheless, Monday's clarification from OPEC+ that they would not meet US calls for increased output appear to have underpinned a floor in markets, making $65.15 and $65.73 the key supports going forward.
  • Gold and silver both traded heavy, with the yellow metal coming under pressure on dollar strength after the retail sales release. A bouncing greenback weighed on USD-denominated assets, preventing gold bulls from mounting any real test on 50-dma resistance at $1799.9.
  • Despite weakness in the second half of the session, gold has printed six consecutive higher highs, which keeps momentum with the upside argument for now. A break and close above the 50-dma opens the $1800.0 handle as well as the pre-nonfarm payrolls high at $1804.95.
Energy BulletsCommodities
Energy BulletsCommodities

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