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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Gold Rallies As Fed Rate Cut Hopes Grow, Oil Trading Higher
- Spot gold has risen by 1.8% to $2,415/oz today, taking it to its highest level since May 22.
- The yellow metal rallied following today’s soft US June CPI data, which showed back-to-back declines for "supercore" prices, increasing prospects for an earlier Fed rate cut.
- Today’s gains reinforce short-term bullish conditions, resulting in a breach of $2,387.8, the Jun 7 high. This has opened key resistance at $2,450.1, the May 20 high.
- In contrast, copper has fallen by 2.1% to $451/lb, bringing the red metal to its lowest since July 03.
- Prices declined as inventories in London Metal Exchange warehouses rose to a fresh two-year high.
- Analysts at Macquarie said that a broad rise in stockpiles suggests that surpluses are emerging across the industrial metals markets, at a time when demand is typically strongest.
- Meanwhile, crude is set to close higher after struggling for clear direction during the day. Yesterday’s EIA stock draw has been supportive, while a gradual reopening of operation on the USGC will assuage concerns for longer-term disruption.
- WTI Aug 24 is up 0.6% at $82.6/bbl.
- WTI futures have recovered from yesterday’s low and the recent bear leg appears to have been a correction.
- Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.91, the 50-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.