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Spot Gold Rises 1.2%, Keeps All-Time High In Sight

COMMODITIES
  • Spot gold is up 1.2% on the day to $2,181/oz, with all the move occurring following the Fed decision as a dovish FOMC press conference weighed on the greenback. The USD index reversed roughly 0.7% lower from its intra-day highs as a May/June Fed cut was not categorically ruled out.
  • The move brings the yellow metal within sight of the all-time cycle high of $2,195 reached earlier this month. The trend condition in gold is bullish and having cleared previous resistance at $2135, sights are on $2206.6 next, a Fibonacci projection.
  • Crude futures have continued their pull back during the day, as US crude draws were in line with expectations.
  • WTI is down 2.1% on the day at $81.7/bbl.
  • For WTI futures, a bull theme remains intact and sights are still on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. On the downside, support to watch is $78.44, the 20-day EMA.
  • Henry Hub extended its losses on Wednesday, with downside driven by ongoing works at the Freeport LNG export terminal and high end of season storage levels.
  • US natural gas APR 24 is down 2.9% at $1.69/mmbtu.
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