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Free AccessMixed Session For Crude, Gold Tests Resistance With Softer USD
- A mixed session for crude oil, quickly sliding ahead of the BoC decision before guidance of a pause helped risk assets recover with the USD weakening and equities firming.
- This was then followed by more idiosyncratic and mixed price action, with crude markets gaining and product markets falling after EIA data showed a smaller recovery in refinery utilisation than expected, strong crude exports and weak product demand.
- Elsewhere in oil news, Crude flows from Russia to India are set to top 1.5 million barrels a day this month, up from virtually zero less than a year ago according to Bloomberg vessel tracking and setting a new record monthly pace.
- WTI edges +0.4% higher at $80.46. Resistance remains at $82.66 (Jan 18 high) and support at $78.45 (Jan 19 low).
- Brent +0.2% at $86.31 and as with WTI, resistance remains at $89.18 (Dec 1 high) with support at $84.27 (20-day EMA).
- Gold is +0.2% at $1941, gaining later in the session as the dollar continues to weaken. A high of 1942.04 sees it come close to testing resistance at yesterday’s high of $1942.5, after which sits $1963.0 (76.4% retrace of Mar -Sep 2022 bear leg).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.