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Spot Gold Extends Pullback Following US CPI

COMMODITIES
  • Spot gold extended its pullback following Tuesday’s US CPI data, moving down by 1.3% on the day to $2,154/oz. The price has now shed ~$41/oz off the all-time high posted last Friday.
  • USD strength and a return higher for US yields drove price action. However, silver underperformed today and tested handle support of $24/oz. This kept the Gold/Silver ratio higher on the day - although well below late February highs.
  • For spot gold, a further pullback would encounter first strong support at 2145.40 - the 23.6% retracement for the Feb - Mar upleg. Initial resistance is at $2195.2, the March 8 high.
  • In oil markets, crude futures are now down on the day, with WTI 0.3% lower at $77.69/bbl. Front month has returned towards levels seen after the US CPI data release and OPEC’s monthly oil market report.
  • OPEC raised oil output 200,000 bpd to 26.6 mln bpd in February, OPEC+ overshot its production target by 200,000 bpd.
  • The WTI futures trend condition remains bullish despite the latest pullback - a correction. The recent breach of key resistance at $79.09, the Jan 29 high, reinforces a bullish theme, highlighting potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.57, the 50-day EMA.
Energy BulletsCommodities
Energy BulletsCommodities

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