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Gold Surges Past Bull Trigger With Oil Also Supported By US CPI Miss

  • The significant rally in US yields and sell-off in USD from the miss in US CPI breathed some life into crude oil prices after two day’s of solid declines, up circa 1%, with gold seeing particularly large gains in the process.
  • In other news, gaps in G7/EU Russian oil price cap plans could leave tankers stranded at sea according to insurers via Reuters.
  • WTI is +1.1% at $86.74 although a bearish candlestick patten remains, with resistance at $89.24 (Nov 9 high) and key support at $85.30 (Oct 31 low).
  • Brent is +1.4% at $93.92 in a modest pullback of scope for a bearish extension lower. Resistance is seen at $95.65 (Nov 9 high) with key support at $91.46 (Oct 31 low).
  • Gold is +2.6% at $1751.66, clearing three resistance levels including the bull trigger at $1729.5 (Oct 4 high), opening $1765.5 (Aug 25 high) in the process.

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