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Mixed For Oil But Gold Clears Bull Trigger To Then Break $1800

COMMODITIES
  • WTI has continued to climb but with Brent lagging as EU talks are pushed back further to tomorrow. Diplomats report that they are close to striking a deal of a $60/bbl cap on Russian oil but with Poland continuing to push for a harsher sanctions package.
  • Deputy US Treasury Secretary Adeyemo signalled $60 would be acceptable to Washington, saying it was “in the range” G7 countries have discussed.
  • WTI is +0.9% at $81.29 having cleared the 20-day EMA resistance at $81.97 to open the 50-day EMA at $83.92.
  • Brent is unch at $86.97 off a high of $89.37 that cleared the 20-day EMA and came close to testing the 50-day EMA at $89.46.
  • Gold meanwhile has surged +1.9% to $1802.33, extending yesterday’s post-Powell rally with help from softer than expected core PCE inflation. It cleared the bull trigger at $1786.5 (Nov 15 high) which in turn provided impetus to clear the psychological $1800. From here lies a key resistance level at $1807.9 (Aug 10 high).
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  • WTI has continued to climb but with Brent lagging as EU talks are pushed back further to tomorrow. Diplomats report that they are close to striking a deal of a $60/bbl cap on Russian oil but with Poland continuing to push for a harsher sanctions package.
  • Deputy US Treasury Secretary Adeyemo signalled $60 would be acceptable to Washington, saying it was “in the range” G7 countries have discussed.
  • WTI is +0.9% at $81.29 having cleared the 20-day EMA resistance at $81.97 to open the 50-day EMA at $83.92.
  • Brent is unch at $86.97 off a high of $89.37 that cleared the 20-day EMA and came close to testing the 50-day EMA at $89.46.
  • Gold meanwhile has surged +1.9% to $1802.33, extending yesterday’s post-Powell rally with help from softer than expected core PCE inflation. It cleared the bull trigger at $1786.5 (Nov 15 high) which in turn provided impetus to clear the psychological $1800. From here lies a key resistance level at $1807.9 (Aug 10 high).