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Gold Holds Onto Yesterday’s Surge Despite Stronger USD

COMMODITIES
  • Crude oil edge to a small loss for their first in five sessions, in what was ultimately a relatively tight range but still broadly consolidates the adjustment higher since the OPEC+ surprise cut announcement at the weekend.
  • The net declines came despite EIA weekly oil data showing a larger than expected draw in US crude, gasoline and distillate inventories. Crude stocks drew with higher exports and despite higher imports and an unexpected dip in refinery utilisation.
  • WTI is -0.3% at $80.44, leaving technical levels untested with resistance at $81.81 (Apr 4 high) and support at $77.60 (23.6% retrace of Mar 20 – Apr 3 rally).
  • Brent is -0.1% at $84.83, also leaving resistance at $86.44 (Apr 3 high) and support at $82.57 (23.6% retrace of Mar 7 – Apr 3 uptrend).
  • Gold is +0.1% at $2022.08, whipping around various US data releases but ultimately holding onto yesterday’s surge despite the DXY pushing higher. A high of $2031.88 pushed closer towards next resistance at $2034.0 (2.00 proj of Sep 28-Oct 4 rally from Feb 28).
Energy BulletsCommodities
Energy BulletsCommodities

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