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WTI Crude, Spot Gold Edge Higher

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  • Oil prices have gained slightly on Friday, supporting an overall crude recovery this week driven on supply/demand fundamentals, while a Middle East instability premium lingers and Ukraine drone strikes continue on Russian infrastructure.
  • WTI Jun 24 is up 0.4% at $83.9/bbl today, taking the weekly gain to 2.1%.
  • WTI futures have recovered from their recent lows and price continues to trade above key short-term support at $81.14, the 50-day EMA. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
  • Spot gold has edged up by 0.3% to $2,340/oz on Friday, leaving the yellow metal 2.2% lower on the week, which would be the first weekly loss in six.
  • From a technical perspective, gold is in consolidation mode. Having pierced the 20-day EMA this week, this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2229.4, the 50-day EMA.
  • Meanwhile, copper is up by another 0.8% at $457/lb, having earlier in the session hit a new two-year high.
  • Supply side concerns are continuing to fuel prices, highlighted by Codelco today which reported a decline in quarterly output.
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  • Oil prices have gained slightly on Friday, supporting an overall crude recovery this week driven on supply/demand fundamentals, while a Middle East instability premium lingers and Ukraine drone strikes continue on Russian infrastructure.
  • WTI Jun 24 is up 0.4% at $83.9/bbl today, taking the weekly gain to 2.1%.
  • WTI futures have recovered from their recent lows and price continues to trade above key short-term support at $81.14, the 50-day EMA. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
  • Spot gold has edged up by 0.3% to $2,340/oz on Friday, leaving the yellow metal 2.2% lower on the week, which would be the first weekly loss in six.
  • From a technical perspective, gold is in consolidation mode. Having pierced the 20-day EMA this week, this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2229.4, the 50-day EMA.
  • Meanwhile, copper is up by another 0.8% at $457/lb, having earlier in the session hit a new two-year high.
  • Supply side concerns are continuing to fuel prices, highlighted by Codelco today which reported a decline in quarterly output.