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Gold Soars to Fresh Record High Above $2,500

COMMODITIES
  • Gold soared to a fresh all-time-high on Friday, notably rising above the psychological $2,500/oz mark. The rise follows US data indicating inflation slowed last month while retail sales surged, easing recession worries while strengthening expectations the Federal Reserve can begin easing in September.
  • "Gold's data dependency remains paramount, as jobs, inflation, and economic data all have the potential to clarify the Fed's path and future monetary policy," a strategist at RBC Capital Markets, said in a note.
  • The technical break above $2483.7, the Jul 17 high and bull trigger resumes the uptrend. The initial target of note is $2528.4, the 3.00 projection of the Oct 6 - 27 - Nov 13 price swing.
  • WTI crude futures have weakened 1.7% on the session, keeping the front-month contract roughly flat week-on-week. Notably, Commerzbank revised their oil price forecast downwards on weak China demand with Brent at $85/bbl and WTI at $80/bbl by year end.
  • OPEC+ has succeeded in fine tuning its supply to support prices, but planned cut unwinding could create downward pressure, according to Platts.
  • For natural gas, Henry Hub has pulled back to its lowest level since Aug. 9. Indications of cooling weather, robust production levels, and a continued - albeit shrinking - storage surplus have added pressure.
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