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Gold Sets New Record High, WTI Pares Earlier Strong Gains

COMMODITIES
  • Gold is +0.8% at $2144.34, off an earlier new record high of $2152.25. It’s been buoyed by continued Houthi attacks plus the sizeable depreciation of the US dollar after no hawkish surprises in ADP employment, the JOLTS report or Fed Chair Powell’s testimony.
  • Next resistance is seen at $2177.6 (Fibo proj of Oct 6 – 27 – Nov 13 price swing).
  • WTI meanwhile has tapered some of its earlier strong gains but remains up on the day. Upside comes from a weakening greenback and a build in US crude stocks in-line with expectations.
  • A Houthi missile strike on the container ship True Confidence in the Gulf of Aden killed two crew members and injured six.
  • EIA Weekly US Petroleum Summary - w/w change week ending Mar 01: Crude stocks +1,367 vs Exp +1,720, Crude production -100, SPR stocks +706, Cushing stocks +701
  • WTI is +1.1% at $79.00. The prior pullback was deemed corrective with resistance seen at $80.85 (Mar 1 high), which it got close to today with $80.67.
  • Brent is +1.0% at $82.85, off a high of $84.05 that also came close to resistance at $84.34 (Mar 1 high).
Energy BulletsCommodities
Energy BulletsCommodities

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