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WTI Lower Ahead of OPEC+ Meeting

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  • WTI is set to close the day trading lower as the market awaits the OPEC+ meeting June 2. A weaker US economic outlook and a muted start to the US summer driving season are adding pressure.
  • WTI Jul 24 is down 1% at $77.1/bbl.
  • OPEC+ is working on a complex production cut deal for 2024-2025 for its June 2 meeting according to Reuters sources.
  • Spot gold is down by 0.7% to $2,326/oz, leaving the yellow metal marginally lower on the week.
  • A short-term bear cycle in gold remains in play, for now, although the recent move down appears to be a correction that is allowing an overbought condition to unwind.
  • A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.8, represents a key support.
  • Meanwhile, silver is underperforming today, down by 2.7% at $30.3/oz, unwinding the previous gains over the week.
  • Silver maintains a bullish theme and the latest move down appears to have been a correction.
  • On the upside, attention remains on $33.887 next, a Fibonacci projection. A key support zone to watch lies between $30.097-28.351, the 20- and 50-day EMA values.
  • Copper has fallen by a further 1.0% today to $461/lb, taking the weekly loss to 3%.
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  • WTI is set to close the day trading lower as the market awaits the OPEC+ meeting June 2. A weaker US economic outlook and a muted start to the US summer driving season are adding pressure.
  • WTI Jul 24 is down 1% at $77.1/bbl.
  • OPEC+ is working on a complex production cut deal for 2024-2025 for its June 2 meeting according to Reuters sources.
  • Spot gold is down by 0.7% to $2,326/oz, leaving the yellow metal marginally lower on the week.
  • A short-term bear cycle in gold remains in play, for now, although the recent move down appears to be a correction that is allowing an overbought condition to unwind.
  • A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.8, represents a key support.
  • Meanwhile, silver is underperforming today, down by 2.7% at $30.3/oz, unwinding the previous gains over the week.
  • Silver maintains a bullish theme and the latest move down appears to have been a correction.
  • On the upside, attention remains on $33.887 next, a Fibonacci projection. A key support zone to watch lies between $30.097-28.351, the 20- and 50-day EMA values.
  • Copper has fallen by a further 1.0% today to $461/lb, taking the weekly loss to 3%.