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Oil Holding Up Well Despite USD Strength

COMMODITIES

In contrast with the broad-based losses across continental and US equity markets this morning, oil prices are holding well, with WTI and Brent crude futures broadly flat on the day. This keeps directional parameters in tact, with WTI's bull trigger just above at $53.94, while $51.44, the Jan 22 low, undercuts as support.

Having traded under pressure yesterday, spot gold is calmer this morning, with spot gold around $10 above yesterday's lows. Gold's positive correlation with equities remains firm, leaving precious metals particularly sensitive to sentiment swings and equity volatility at this juncture. The 20-day EMA to the upside at $1860.80 is the first target.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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