MNI China Daily Summary: Monday, July 29

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

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Gold Begins To Eye All-Time Highs Whilst Oil Retraces CPI Gains

COMMODITIES
  • Crude oil has increasingly retraced a share of yesterday’s post-CPI gains, despite equities pushing higher and the dollar stepping lower again with the latter a repeat of yesterday’s favorable conditions for crude.
  • Earlier, OPEC leaving its 2023 global oil demand growth forecasts unchanged at 2.3mln bpd and that OPEC cuts will cause a widening supply shortfall had little immediate impact on prices.
  • WTI is -1.0% at $82.41, pulling back after coming close to key resistance at $83.53. Support remains at $79.00 (Apr 3 low).
  • Brent is -1.2% at $86.31, having earlier nudged resistance at $87.49 (Apr 12 high) and stopped short of the key $88.35 (Jan 23 high). Support is seen at $83.50 (Apr 3 low).
  • Gold is +1.3% at $2041.64 off a high of $2048.71 as the aforementioned weaker USD provided a strong support for the yellow metal. It cleared resistance at $2032.1 (Apr 5 high) and confirmed a resumption of the current uptrend, ultimately setting attention on the next key resistance at $2070.4 (Mar 8, 2022 high), just ahead of the all-time high of $2075.5 (Aug 7, 2020).
Energy BulletsCommodities
Energy BulletsCommodities

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