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WTI Crude Futures Moderately Decline, Silver Rises Despite Stronger Greenback

COMMODITIES
  • Crude has moderately softened today as the return of Libyan production and higher Norwegian output offset ongoing Middle East tensions and disruption to Russian loadings from Ukrainian attacks.
  • Trend signals in WTI futures remain bearish and the latest recovery appears to be a correction - for now. The contract has pierced the 50-day EMA at $74.25. A clear break of it would strengthen a bullish theme and expose $76.31, the Dec 26 high and a near-term bull trigger. Moving average studies remain in a bear-mode position and continue to highlight a downtrend.
  • Despite a firmer greenback, precious metals have remained in the green on Tuesday, with spot silver showing some outperformance and rising 1.6%, as we approach the APAC crossover. A bearish theme in Silver remains intact and the metal traded sharply lower yesterday, resulting in a clear break of support at $22.510, the Dec 13 low. This signals scope for a move to $21.883, Nov 13 low.
  • Analysts note that bullion has traded in a relatively tight band this month as investors seek further clues on whether the Federal Reserve will start reducing interest rates as soon as March.
  • US data scheduled for later in the week include the latest GDP figures and core PCE index, which is the central bank’s preferred gauge of underlying inflation and will likely drive sentiment for precious metals in the short-term.
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