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Gold, Silver Hit Two-Week Highs, Crude Highest Since April 29

COMMODITIES
  • Spot gold has risen by 1.3% to $2,359/oz on Thursday, benefitting from a likely inflation hedge after the prices components of today’s US Philly Fed survey rose to their highest levels in two years.
  • Within the Philly Fed, the prices paid component rose to its highest since Jun '22, while prices received reached its highest since April ’22.
  • Gold is in consolidation mode, with initial firm resistance is $2387.8, the Jun 7 high, while support is at $2,277.4, the May 3 low.
  • Silver has also rallied today, currently up by 3.1% at $30.7/oz, its highest level since June 7.
  • For silver, key resistance is at $32.518, the May 20 high, while support to watch lies at the 50-day EMA, at $28.979.
  • Meanwhile, WTI reached its highest close since April 29, amid an expected US stock draw, a continued squeeze in OPEC+ supply over Q3, and continued tension in the Middle East.
  • WTI Jul 24 is up 0.7% at $82.2/bbl.
  • WTI futures have pierced $82.24, a Fibonacci retracement point, opening $85.24 next, the April 12 high. Initial firm support to watch is at $78.56, the 20-day EMA.
  • In contrast, Henry Hub has fallen back to levels in early June amid consistently high output levels.
  • US Natgas Jul 24 is down 5.9% at $2.74/mmbtu.
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