May 15, 2024 18:29 GMT
Spot Gold Rises To Three Week High, WTI Crude Finds Gains
COMMODITIES
- Spot gold is up 1.2% at $2,387/oz Wednesday, aided by the weaker dollar, bringing it above last week’s highs to print the best level since mid-April.
- The medium-term trend structure in gold remains bullish and a push higher would refocus attention on $2,431.50, the Apr 12 high. On the downside, the 50-day EMA, at $2,273.83, represents a key support.
- Meanwhile, silver is outperforming and is up by 3.5% on the day at $29.6/oz, bringing the gold-silver cross to its lowest since end-November.
- Copper is currently up by 1.0% at $494.2/lb, having hit a new record high of $512.8 earlier in the session.
- Copper futures remain in a clear uptrend despite today’s volatile price action. The contract has pierced a key resistance at $503.95, the Mar 2022 high. A resumption of gains would open $516.58, a Fibonacci projection. Initial key support lies at $460.06, the 20-day EMA.
- WTI has climbed to a new intraday high as US close nears. Support comes from EIA data showing an above expectation draw in US crude stocks, coupled with US macro data which could support Fed rate cuts this year.
- WTI Jun 24 is up 0.9% at $78.8/bbl.
- A bearish theme in WTI futures remains intact and scope is seen for a move to $76.07, the Mar 11 low. Initial firm resistance is at $84.46, the Apr 26 high.
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