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Strong USD Weighs On Gold, Crude Set for Losses

COMMODITIES
  • Crude is heading for US close trading lower amid a stronger US dollar due to the firmer-than-expected U.S. economic data. An easing geopolitical risk premium adds further pressure.
  • WTI Jun 24 is down 1.0% at $81.8/bbl.
  • For now, WTI futures remain above key short-term support at $81.22, the 50-day EMA. Key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
  • The firmer USD and rise in US yields weighed on gold Tuesday, ahead of tomorrow’s FOMC decision.
  • Spot gold is down 1.9% at $2,291/oz, trimming what is set to be a third consecutive month of gains.
  • The 20-day EMA has given way, signalling scope for an extension towards the 50-day EMA at $2,239.9.
  • ETF holdings continue to pull lower, with related participants continuing to trim exposure during the rally from the early October lows.
  • Meanwhile, silver is underperforming, down 2.9% on the day at $26.3/oz, lifting the gold/silver ratio back to its highest since early April.
  • Copper is also down by 2.4% to $456/lb, the first decline in five sessions.
  • A bullish theme in copper futures remains intact, with scope seen for $477.04 a Fibonacci projection. Key support is seen at $420.54, the 50-day EMA.
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