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WTI Crude Extends Gains, Gold Edges Lower

COMMODITIES
  • Oil has extended gains on Monday after its biggest weekly gain since early April last week, supported on technical buying and demand outlook optimism.
  • WTI Jul 24 is up 2.5% at $80.4/bbl.
  • Crude prices broke through their 200-day moving average as outlooks expected crude balances to tighten and the summer driving season ticks higher.
  • For WTI futures, resistance at $78.46, the 50-day EMA, has been pierced. A clear break of this average would expose the key short-term resistance at $80.62, the May 1 high.
  • On the downside, a resumption of weakness would open $71.33, the Feb 5 low.
  • In contrast, US natural gas slipped on Monday on forecasts for greater gas supply and increasing coal use for power generation.
  • US Natgas Jul 24 is down 3.0% at $2.80/mmbtu.
  • Meanwhile, spot gold has fallen by 0.6% today to $2,318/oz, leaving the yellow metal around 5% below its May 20 record high.
  • Having traded below the 50-day EMA at $2,314.7, this has opened $2,277.4, the May 3 low. Initial firm resistance to watch is $2,387.8, the Jun 7 high.
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