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Powell Pinches Late Gold Rally

COMMODITIES
  • Oil markets traded slightly firmer Friday, but were generally rangebound, with WTI crude futures failing to mount any material test on the cycle highs printed earlier in the week at $83.96/bbl.
  • This keeps the trend condition bullish and this week's fresh trend high maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. The focus is on $85.01 next, a Fibonacci projection.
  • Gold traded well into the Friday close, with prices gaining on the break of $1,800 as well as the mid-September highs of $1808.7. The break of the latter narrows the gap with the next bull trigger at the Jul 15 high of $1834.1.
  • Precious metals gained well, but faltered slightly later in the session as Fed's Powell confirmed that the Fed is on track to begin a taper, and is set to complete by mid-2022. This comment underpinned a minor recovery in the dollar, preventing the USD Index from any material test on the week's lows of 93.496.
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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