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Gold Pares Gains After Another Record High, Crude Oil Ends Week Slipping

COMMODITIES
  • Spot gold has given back some of its even further gains today with its new all-time high of $2195.15 in a delayed move after peak USD weakness shortly after the payrolls report, but it still sits a strong +0.7% on the day at $2175.80.
  • The high marks yet another new resistance after which now lies $2206.6 (Fibo projection). Short-term conditions are overbought, however, this does not appear to be a concern for bulls - for now
  • Crude futures have fallen back today, with WTI headed for losses of around 2.7% on the week. Bearish sentiment around demand outlooks from the US and China continue to provide downside. This is despite the extension to OPEC+’s voluntary supply cuts.
  • US oil and gas rigs fell by seven on the week to 622, according to Baker Hughes March 8. Oil rigs were down 2 to 504.
  • The OPEC+ alliance pumped 41.21mbpd of oil in February, unchanged in the month. Several members such as Iraq and Kazakhstan continued exceeding their quotas: Platts.
  • WTI is -1.3% at $77.90, pulling away from resistance at $80.85 (Mar 1high) but not yet troubling support at $76.45 (50-day EMA).
  • Brent is -1.1% at $82.04, also pulling away from $84.34 (Mar 1 high) and not troubling support at $80.84 (50-day EMA).
  • Weekly moves: WTI -2.6%, Brent -1.8%, Gold +4.4%, US HH nat gas -1.6%, EU TTF nat gas +2.2%
Energy BulletsCommodities
Energy BulletsCommodities

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