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Spot Gold Reaches All-time High

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  • Spot gold rose to a new all-time high Thursday, reaching $2,225.5/oz, before paring gains slightly. The yellow metal is currently up 1.2% on the day at $2,220/oz.
  • The trend condition in gold remains bullish and moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
  • Crude oil markets ticked higher Thursday, riding support this week from Russian/Ukraine escalation, a lack of Middle East peace talks as well as struggling Venezuelan political progression.
  • WTI MAY 24 is up 2.2% at $83.1/bbl.
  • Next week’s OPEC JMMC is expected to recommend the group stays on the current trajectory as its members hold the path to shore up production and keep prices high.
  • Meanwhile, US henry Hub prices slipped back after the EIA gas storage release, before recovering to new highs for the day.
  • US Natgas MAY 24 is up 1.9% at $1.75/mmbtu.
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  • Spot gold rose to a new all-time high Thursday, reaching $2,225.5/oz, before paring gains slightly. The yellow metal is currently up 1.2% on the day at $2,220/oz.
  • The trend condition in gold remains bullish and moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
  • Crude oil markets ticked higher Thursday, riding support this week from Russian/Ukraine escalation, a lack of Middle East peace talks as well as struggling Venezuelan political progression.
  • WTI MAY 24 is up 2.2% at $83.1/bbl.
  • Next week’s OPEC JMMC is expected to recommend the group stays on the current trajectory as its members hold the path to shore up production and keep prices high.
  • Meanwhile, US henry Hub prices slipped back after the EIA gas storage release, before recovering to new highs for the day.
  • US Natgas MAY 24 is up 1.9% at $1.75/mmbtu.