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Spot Gold Rises For A Third Session Running

COMMODITIES
  • Spot gold has risen for a third session running and is currently up 0.6% on the day at $2,191/oz.
  • Sights are still on $2230.1 next, a Fibonacci projection, while key short-term trend support has been defined at $2146.2, the Mar 18 low.
  • Oil prices are broadly unchanged Wednesday, despite a surprise build in US crude inventories. A Bloomberg survey had expected a small draw, while API data had suggested a large build.
  • WTI MAY 24 is currently unchanged on the day at $81.6/bbl.
  • For WTI futures, a bull theme remains intact. Sights remain on $83.87 next, the Oct 20 ‘23 high. Support to watch is $79.83, the 20-day EMA.
  • For Brent, JPMorgan maintains a baseline view for prices to reach $90/bbl by May, and $85/bbl in H2 2024, but has the potential to rally to $100/bbl this year.
  • Meanwhile, the Henry Hub May24 contract showed weakness Wednesday, driven by curtailed LNG feedgas flows and high end of winter storage flows.
  • US Natgas MAY 24 is down 3.8% at $1.72$/mmbtu.
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