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WTI and Gold Both Test 20-day EMAs

COMMODITIES
  • 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.
Energy BulletsCommodities
Energy BulletsCommodities

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