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Spot Gold Extends Bounce, Rises 0.65%

COMMODITIES
  • WTI is headed for US close trading lower and with weekly losses of around 1%. The market is weighed down by concerns of slowed or delayed US interest rate cuts and difficulties for OPEC to maintain its voluntary output reductions.
  • Key short-term resistance was pierced on Thursday at $78.52, the Feb 16 high - and a sustained clearance of this level would be a bullish development.
  • For Natural Gas, Henry Hub front month has extended yesterday’s losses as a high storage surplus and mild weather add downside. However, Henry Hub is set for weekly gains of around 1.3%.
  • For precious metals, greenback weakness this week has assisted the recovery for spot gold which briefly rose to $2041/oz before moderating a touch into the close.
  • Investors are currently dramatically under positioned for a Fed cutting cycle and "we still expect gold prices to rally quite notably into the second quarter of this year", said a commodity strategist at TD Securities.
  • Gold traded lower into mid-month, but is building well off lows and extended further above the 50-dma on Friday. A sustained clearance above this point and above the Feb 1 high of $2065.50 would be required to reinstate a bullish theme, with the mid-month weakness proving corrective in nature.
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