MNI Brief: China Targets Standards Update To Support Trade-ins

MNI BRIEF: Fitch China Outlook Downgrade Regrettable - MoF

MNI BRIEF: Higher Import Prices To Drive Policy - BOJ's Ueda

MNI: PBOC Injects CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0959 Weds; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS +10% SA; PURCH INDEX -5% SA THRU APRIL 5 WK

MNI: US MBA: MARKET COMPOSITE +0.1% SA THRU APR 05 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI, Gold Fail to Hold Thursday Gains

COMMODITIES

WTI futures failed to hold on to yesterday’s gains. The outlook remains bearish and a resumption of weakness would open $79.63 a Fibonacci retracement and potentially $75.70 further out, the Sep 26 low. On the upside, a stronger reversal higher would instead expose the key short-term resistance at $92.34, the Oct 10 high. Initial firm resistance to watch is at $88.66, Oct 12 high. Gold is trading lower. The yellow metal maintains a bearish tone following the recent reversal from $1729.5, Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. Sights are on the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, clearance of $1729.5 is required to reinstate a bullish theme.


  • WTI Crude down $1.01 or -1.2% at $83.51
  • Natural Gas down $0.17 or -3.21% at $5.187
  • Gold spot down $6.94 or -0.43% at $1621.05
  • Copper down $2.8 or -0.82% at $338.2
  • Silver down $0.25 or -1.34% at $18.413
  • Platinum down $6.46 or -0.71% at $909.56
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.