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Gold Hits New All-Time High Ahead Of Powell, Crude Slips Further

COMMODITIES
  • Gold is +0.7% at $2129.7 off the earlier, new all-time high of $2141.58. The break of the prior high at $2135.4 (Dec 4) reinforces a bullish condition and signals scope for a climb towards $2177.6 (Fibo proj).
  • Today’s gains have been buoyed by lower Treasury yields along with some mild net USD weakness, with gold resilient to the bounce off lows for the latter. TD Securities point to macro funds and momentum buying by commodity trading advisors further contributing.
  • WTI heads towards US close trading lower, as economic data from the USA and China continues to draw an uncertain demand picture.
  • HSBC forecasts an oil market deficit of above 1mbpd in Q2 and Q3, including the newly announced Russian output cuts and a partial unwinding of OPEC+ cuts starting from July.
  • OPEC+ appears more unified for now after the group’s extension of the voluntary output cuts, RBC said in a note. Separately, the OPEC+ alliance aims at price stability in the oil market, not endless price increases, and so far it is succeeding at this, Interfax quoted Putin as saying March 5, cited by Reuters.
  • WTI is -0.75% at $78.15 for a modest step closer to support at $76.16 (50-day EMA).
  • Brent is -0.9% at $82.05 for a limited step towards support at $80.61 (50-day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

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