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WTI Crude Dips Below Support Level

COMMODITIES
  • WTI has dipped below its first support level to be at its lowest since April 1. Oil is shedding some of the geopolitical risk premium as focus shifts to demand concerns from delayed US rate cuts.
  • WTI May 24 is down 3.0% at $82.8/bbl.
  • Having broken initial support at $83.9, the 20-day EMA, focus turns to $81.06 next, the 50-day EMA. On the upside, the next objective is $89.08, a Fibonacci projection.
  • Spot gold edged down by 0.2% to $2,378/oz on Wednesday, leaving the yellow metal 2.2% off its recent record high.
  • Sights remain on $2452.5 next, a Fibonacci projection. Initial firm support is at $2286.3, the 20-day EMA.
  • Meanwhile, copper rose by 0.9% to $437/lb today, just 1% below its recent 22-month high.
  • Earlier Goldman Sachs reported that they see a “very significant” refined copper deficit for this year, which could take copper prices to $12,000 a ton by Q1 2025.
  • Iron ore prices jumped another 3.6% on optimism that more Chinese steel mills would restart as demand picks up. Analysts say that there’s been a notable rebound in steel demand for construction, particularly in China’s mid-west.
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