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Spot Gold Rallies On Soft USD, Technical Consolidation Continues

COMMODITIES
  • Gold rallied as the dollar softened after the US weekly jobless claims data, with spot settling at $2,334/oz, up 1.1% on the day.
  • Technically, gold remains in consolidation mode. A bearish short-term condition is intact, after the precious metal recently traded through the 20-day EMA, highlighting a corrective cycle.
  • A continuation lower would signal scope for an extension towards $2,258.0/oz, the 50-day EMA. The key resistance and bull trigger is at $2,431.5, the recent Apr 26 high. The April 12 high, at $2,352.6, provides some protection ahead of there.
  • Meanwhile, silver which has been the higher-beta precious metal, is up 3.1% at $28.2/oz.
  • Copper is also up by 1.2% today to $459.6/lb.
  • WTI is headed towards the US close trading higher, although it has erased most of its earlier gains. A fall in US crude stocks and improving Chinese macro data remain supportive.
  • WTI Jun 24 is up 0.1% at $79.1/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $76.07 next, the Mar 11 low. Initial firm resistance is at $84.46, the Apr 26 high.
  • US Henry Hub is headed for the US close holding robust gains, supported by EIA data showing a smaller than expected injection into US natural gas storage.
  • US Natgas Jun 24 is up 4.9% at $2.3/mmbtu.
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