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Risk-Off Sees Crude Slump and Gold Surge

COMMODITIES
  • Macro factors have been at the fore today, as crude oil has slumped 5% for the largest daily drop since the start of US regional banking issues in mid-March. The majority of declines came with softer than expected US JOLTS labor data not long after the US open with regional banks also sliding and dampening risk sentiment.
  • The market reaction was exacerbated coming off low volumes, after yesterday saw the lowest volumes since Dec’22 after Asian and UK holidays.
  • WTI is -5.2% at $71.75 off a low of $71.45, clearing support at Apr 28 and Mar 30 lows and briefly $71.76 (61.8% retrace of Mar 20 – Apr 12 rally) to open the round $70.
  • Brent is -4.9% at $75.40, clearing $76.52 (61.8% retreace of Mar 20 – Apr 12 rally) to open $75.00 round number support.
  • Gold is +1.6% at $2014.84 having jumped as US Tsy yields tumbled and earlier USD strength was reversed. It earlier cleared resistance at $2015.1 (Apr 17 high) before retreating, with a further push higher opening the bull trigger at $2048.7 (Apr 13 high).
Energy BulletsCommodities
Energy BulletsCommodities

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