Free Trial

WTI and Gold Both Test 20-day EMAs

  • Oil prices have slid throughout most of the session as Fed hiking expectations bite and the IMF downgrades its global growth forecast, before only seeing a modest rise on the US eyeing up fresh Russian sanctions potentially this week.
  • WTI is -5.0% at $102.8, having earlier nudged below the 20-day EMA of $102.62. A clear break would open the 50-day EMA at $98.67 whilst resistance remains yesterday’s high of $109.81.
  • Unusually, today’s most active strikes in the M2 contract have been $90/bbl and $80/bbl calls.
  • Brent is -5.0% at $107.5, having stopped just shy of the 20-day EMA of $106.63, which continues to form support.
  • Gold is -1.3% at $1953.2 as Treasury yields surge and compete for safe haven demand. It earlier tested initial support at the 20-day EMA of $1951.6, a clear break of which could open the 50-day EMA of $1924.2. Resistance is yesterday’s high of $1998.4.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.