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Gold Slumps On USD Bounce Whilst Oil Holds Week’s Gain

COMMODITIES
  • Crude oil is edging higher on the day having seen a volatile session, holding on for reasonable gains on the week, buoyed for the most part by dollar weakness except for today’s snap higher for the DXY.
  • The IEA has also warned that rising demand from China and developing economies will outpace production in 2H23.
  • WTI is +0.3% at $82.45, earlier remaining under key resistance at $83.53 (Jan 23 high) but also off support at $79.00 (Apr 3 low).
  • The day sees most active strikes in the CLK3 seeking protection at $80/bbl puts.
  • Brent is +0.2% at $86.24,with resistannce seen at $87.49 (Apr 12 high) and support at $83.50 (Apr 3 low).
  • Gold is -1.8% at $2003.71, sliding with the lurch higher in the dollar having overnight come close to yesterday’s high of $2048.74. It unwinds large gains for the week although the abruptness of prior gains still leaves support at $1981.7 (Apr 10 low) despite today’s slide.
  • Weekly moves; WTI +2.2%, Brent +1.3%, Gold -0.2%, US nat gas +5.1%, EU TTF nat gas -7.7%
Energy BulletsCommodities
Energy BulletsCommodities

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