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WTI Crude, Spot Gold Edge Higher

COMMODITIES
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  • Oil markets have received support Monday on demand optimism and geopolitical risk against a thinner day of trading due to UK and US public holidays.
  • WTI Jul 24 is up 1.3% at $78.7/bbl.
  • Markets remain focused on the June 2 OPEC+ meet with the market widely expecting a rollover of voluntary cuts or risk adding further downside to already pressed markets.
  • For WTI futures, a bearish theme remains intact, with scope seen for a move to $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
  • Meanwhile, spot gold is up by 0.9% at $2,354/oz, as clashes between Egypt and Israel have added upside support.
  • The trend structure remains bullish and analysts note that recent pullbacks have been relatively short-lived.
  • A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2,302.0, represents a key support.
  • Copper is also up by 1.5% at $483/lb.
  • Copper futures remain in a clear uptrend and the recent pullback appears to be a correction. A clear breach of key resistance at $503.95 would open $520.65, a Fibonacci projection. Initial support lies at $476.38, the 20-day EMA.
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  • Oil markets have received support Monday on demand optimism and geopolitical risk against a thinner day of trading due to UK and US public holidays.
  • WTI Jul 24 is up 1.3% at $78.7/bbl.
  • Markets remain focused on the June 2 OPEC+ meet with the market widely expecting a rollover of voluntary cuts or risk adding further downside to already pressed markets.
  • For WTI futures, a bearish theme remains intact, with scope seen for a move to $75.64, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
  • Meanwhile, spot gold is up by 0.9% at $2,354/oz, as clashes between Egypt and Israel have added upside support.
  • The trend structure remains bullish and analysts note that recent pullbacks have been relatively short-lived.
  • A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2,302.0, represents a key support.
  • Copper is also up by 1.5% at $483/lb.
  • Copper futures remain in a clear uptrend and the recent pullback appears to be a correction. A clear breach of key resistance at $503.95 would open $520.65, a Fibonacci projection. Initial support lies at $476.38, the 20-day EMA.