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WTI and Gold Prices Steady With Lack Of New Drivers

  • Oil prices are flat to up slightly after sliding heavily yesterday with no material change in geopolitical headlines -- Russia tests a new ballistic missile which the Pentagon describes as a routine test, the Kremlin said the ball is in Ukraine’s court on peace talks having passed a document to them which Zelensky since denied.
  • An earlier dip was reversed on a very large draw in US crude oil inventories.
  • WTI is +0.5% at $103.1, with room to move around in whilst comfortably above support at $98.82 (50-day EMA) and below resistance at $109.81 (Apr 18 high).
  • Brent meanwhile is unch at $107.28 having briefly cleared support at the 20-day EMA of $106.69 having failed to clear it yesterday (unlike both WTI and gold). Resistance is eyed at $114.84 (Apr 18 high).
  • Gold is +0.15% at $1953.0, seeing surprisingly little boost from the slide in Treasury yields despite having suffered yesterday. Support is $1925.2 (50-day EMA) whilst resistance remains the bull trigger of $1998.4 (Apr 18 high).

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