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Gold Surges Past Bull Trigger On JOLTS Miss, Mixed Crude Session

COMMODITIES
  • A mixed session for oil, with the main takeaway being an intraday decline following a surprisingly large reduction in US job openings caused demand concerns to resurface, after what had been further steady increases earlier in the session. Despite dipping, Brent remains 6% higher than Friday’s close before the OPEC+ production cut announcement.
  • WTI is +0.3% at $80.65 with a high of $81.74 forming new resistance after which lies the key $83.04 (Jan 23 high).
  • Brent is -0.1% at $84.87 with resistance remaining at $86.44 (Apr 3 high) and $87.87 (Jan 27 high).
  • Gold is +1.8% at $2020.82, surging with USD weakness and Tsy yields sliding post-JOLTS to clear the bull trigger at $2009.7 (Mar 20 high) in the process. It touched $2024.85 post JOLTS, opening $2034.0 (2.00 proj of the Sep 28 – Oct 4 rally from Feb 28).
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