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Spot Gold Uptrend Extends, Crude Softens

COMMODITIES
  • Spot gold tested new highs on Tuesday as demand remained strong ahead of tomorrow’s US CPI inflation report.
  • The yellow metal is up 0.4% at $2,349/oz currently, having reached yet another record high of $2,365/oz earlier in the session.
  • With the $2300 handle having been cleared, the next objective is $2376.5, a Fibonacci projection. Initial firm support is at $2222.4, the 20-day EMA.
  • Crude markets softened further during US hours, amid the ongoing Gaza ceasefire discussions and comments from Iran’s Revolutionary Guard.
  • WTI May 24 is down 1.4% at $85.2/bbl. The next objective is $89.08, a Fibonacci projection. On the downside, initial firm support to watch lies at $82.80, the 20-day.
  • Iran’s Islamic Revolutionary Guard Corps naval forces said that Iran is choosing not to disrupt flows through the Strait of Hormuz in the Persian Gulf.
  • Meanwhile, world oil demand growth for 2024 has been revised down by 480k b/d to 0.95m b/d in the EIA’s Short-Term Energy Outlook.
  • Elsewhere, iron ore rose another 1.8% today, extending the gain from lows earlier this month to 12%.
  • Prices have been supported by a brighter consumption outlook as China enters what’s typically the strongest season for steel demand. Output from the nation’s blast furnaces is starting to rise again, according to Macquarie.
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