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WTI Opens Bull Trigger and Gold May 2022 Levels

COMMODITIES
  • Crude oil ends higher for its six straight session, buoyed by continued signs of China demand recovering and with a later helping hand by perceived growing likelihood of a downshift to a 25bp hike from the Fed on Feb 1 after an inline CPI print.
  • Biden is said to not be ruling out further SPR releases whilst the House has voted to ban SPR oil sales to China.
  • WTI is +1.2% at $78.37, off earlier highs of $79.10 having opened next resistance at the bull trigger of $81.50 (Jan 3 high).
  • Brent is +1.6% at $83.97 off highs of $84.60 that cleared the 50-day EMA of $83.64 and open key resistance at $87.00 (Jan 3 high).
  • Gold benefits from lower Treasury yields and dollar weakness, rising +1.1% at $1896.25, having failed to hold a brief trip above $1900 with a high of $1901.49, opening resistance at $1909.8 (May 5, 2022 high).
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