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Gold Crashes Through Key Support On Fed Hike Fears

COMMODITIES
  • Gold is -1.95% at $1664.18, sliding on higher Fed terminal rate expectations and Treasury yields with losses accelerating as it cleared the bear trigger at $1681.0 (Jul 21 low). The downward momentum cleared further support at $1676.9 (May 8, 2021 low) and $1671.0 (Jun 5, 2020 low) to next eye $1657.1 (0.764 proj of the Jun 13 – Jul 21 – Aug 10 swing).
  • Crude oil meanwhile falls ~3.5% with what appears continuation of factors that arose yesterday: namely demand concerns for distillates after yesterday’s EIA data and the Dept of Energy saying its plan to restock emergency reserves doesn’t include the previously touted $80/bl price trigger and that deliveries likely won’t happen until after FY23.
  • WTI is -3.7% at $85.22, moving closer to the bear trigger at $81.20 (Sep 8 low). Today’s most active strikes in the CLV2 have been in $85/bbl puts.
  • Brent is -3.3% at $90.98, also moving closer to the bear trigger at $87.24 (Sep 8 low).
Energy BulletsCommodities
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