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Over-Arching USD Weakness Buoys Energy, Metals

COMMODITIES
  • USD weakness extended after Wednesday's Fed decision, helping buoy commodities markets across the board to help energy and metals products into positive territory. This put WTI crude futures above $73/bbl for the first time since Jul 14th.
  • This opens next resistance at the Jul 13 high of $74.90 ahead of $76.07.
  • Gold inched higher still after the London close, with spot trading above both the 50- and 200-dma resistance levels of 1829.9 and 1821.0 respectively.
  • July highs sit just above at 1834.1 and mark the bull trigger. A break and close above here opens 1853.3 Fib level, marks the 61.8% retracement for the Jun 1 - 29 decline.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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