Free Trial

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).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.