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Gold Looks Through CPI-Induced Volatility

COMMODITIES
  • WTI and Brent crude futures both traded positively Tuesday, but faltered ahead of the week's highs. Nonetheless, both benchmarks continue to recover off last week's lows, with Brent (U1) key resistance defined at $77.84, Jul 6 high. Key support undercuts initially at $72.11, Jul 8 low.
  • WTI (Q1) key resistance is at $76.98, Jul 6 high and the bull trigger. Initial firm support lies at 70.76, Jul 8 low.
  • Gold saw some short-term volatility on the US CPI release, with prices initially dropping sharply on the stronger-dollar response. The move was short-lived, however, with prices swiftly recovering back up to resume the near-term positive trend.
  • Focus Wednesday turns to the weekly DoE inventory data, with markets expecting another draw of over 4mln bbls for the headline crude numbers.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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