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Precious Metals Pull Back Further, WTI Lowest Since February

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  • Spot gold is down by 1.9% to $2,335/oz on Thursday, following the stronger than expected US PMI data, which saw markets push back expectations again for the first Fed rate cut later this year.
  • Although gold has pulled back from its recent high, the medium-term trend structure remains bullish and short-term weakness is considered corrective.
  • On the upside, attention remains on $2,452.5 next, a Fibonacci projection. The 50-day EMA, at $2297.2, represents a key support.
  • Silver has also pulled back more than 7% from Monday’s high, with the precious metal down another 2.0% today to $30.2/oz.
  • Meanwhile, copper has also fallen by 1.5% today to $478/lb, leaving the metal 8% below its record high reached earlier this week.
  • Technicals suggest that copper futures remain in a clear uptrend and the latest pullback appears to be a correction. A clear breach of key resistance at $503.95 would open $520.65, a Fibonacci projection. Initial key support lies at $475.40, the 20-day EMA.
  • WTI is headed for its lowest close since late February, as concerns of ‘higher-for-longer’ interest rates weigh on the oil demand outlook.
  • WTI Jul 24 is down 1.2% at $76.7/bbl.
  • A bearish theme remains intact for WTI futures, with scope seen for a move to $75.64, the Mar 11 low.
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  • Spot gold is down by 1.9% to $2,335/oz on Thursday, following the stronger than expected US PMI data, which saw markets push back expectations again for the first Fed rate cut later this year.
  • Although gold has pulled back from its recent high, the medium-term trend structure remains bullish and short-term weakness is considered corrective.
  • On the upside, attention remains on $2,452.5 next, a Fibonacci projection. The 50-day EMA, at $2297.2, represents a key support.
  • Silver has also pulled back more than 7% from Monday’s high, with the precious metal down another 2.0% today to $30.2/oz.
  • Meanwhile, copper has also fallen by 1.5% today to $478/lb, leaving the metal 8% below its record high reached earlier this week.
  • Technicals suggest that copper futures remain in a clear uptrend and the latest pullback appears to be a correction. A clear breach of key resistance at $503.95 would open $520.65, a Fibonacci projection. Initial key support lies at $475.40, the 20-day EMA.
  • WTI is headed for its lowest close since late February, as concerns of ‘higher-for-longer’ interest rates weigh on the oil demand outlook.
  • WTI Jul 24 is down 1.2% at $76.7/bbl.
  • A bearish theme remains intact for WTI futures, with scope seen for a move to $75.64, the Mar 11 low.