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WTI, Brent Build on Dollar Weakness

COMMODITIES
  • WTI and Brent crude futures traded through the Thursday highs, extending post-Fed outperformance as the USD softened following hawkish turnouts from the European, UK and Norwegian central banks. The USD Index dropped to the lowest level since the beginning of December, priming USD-denominated commodities for a rally.
  • For WTI, clearance of $73.34, Dec 9 high and $74.12, the 50-day EMA would reinstate a bullish focus and open $78.65, the Nov 26 low. Moving average studies are pointing south. This suggests short-term gains are corrective.
  • Elsewhere for gold, initial resistance at $1794.5, Dec 1 high, gave way. A confirmed break here would warn of a developing base and provide a bullish signal. Weakness below Wednesday's low would resume bearish pressure.
Energy BulletsCommodities
Energy BulletsCommodities

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