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Volatile Crude Oil And Surging Gold

COMMODITIES
  • Crude oil has seen a volatile day, sliding through the European session on global growth fears and then weak US data (another weak regional Fed survey plus a small rise in initial claims) before recovering strongly.
  • The rebound has been helped by an explosion at South Korea’s Ulsan refinery, a new record high for US gasoline, a pause in the slide in equities and US Energy Secretary Granholm telling the Senate that the US won’t be importing any oil from Iran or Venezuela.
  • WTI is +2.4% at $112.20 having cleared support at the 20-day EMA of $106.5 but now moving nearer to $115.56 (May 17 high).
  • Brent is +2.6% at $111.93, having cleared support at $107.79 (May 13 low) before retreating to eye $115.69 (May 17 high).
  • Gold is +1.4% at $1841.63 on continued haven demand, accentuated by the slide in the US dollar. Bucking its recent vulnerable patch, it nears resistance at $1858.8 (May 12 high).
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  • Crude oil has seen a volatile day, sliding through the European session on global growth fears and then weak US data (another weak regional Fed survey plus a small rise in initial claims) before recovering strongly.
  • The rebound has been helped by an explosion at South Korea’s Ulsan refinery, a new record high for US gasoline, a pause in the slide in equities and US Energy Secretary Granholm telling the Senate that the US won’t be importing any oil from Iran or Venezuela.
  • WTI is +2.4% at $112.20 having cleared support at the 20-day EMA of $106.5 but now moving nearer to $115.56 (May 17 high).
  • Brent is +2.6% at $111.93, having cleared support at $107.79 (May 13 low) before retreating to eye $115.69 (May 17 high).
  • Gold is +1.4% at $1841.63 on continued haven demand, accentuated by the slide in the US dollar. Bucking its recent vulnerable patch, it nears resistance at $1858.8 (May 12 high).