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COMMODITIES: WTI Rebounds, Gold Bull Phase Remains Intact

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI has jumped back into gains on the day, likely supported by comments from the White House Press Secretary that the Feb 1 deadline for applying tariffs on Mexico and Canada still stands.
  • WTI Mar 25 is up by 1.0% at $73.9/bbl.
  • Despite today’s gains, WTI futures remain below the 20-day EMA at $74.13, which was breached yesterday, turning attention to support around the 50-day EMA, at $72.22.
  • On the upside, a continuation higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance.
  • Meanwhile, Henry Hub is extending its decline this week to the lowest levels since Jan 8, driven by a warm weather forecast for the southern US, which eases demand pressures after the cold weather last week.
  • US Natgas Feb 25 is down by 7.0% at $3.44/mmbtu.
  • Elsewhere, spot gold has risen by 0.9% to $2,764/oz, unwinding most of yesterday’s losses.
  • The gain comes despite the rebound in the dollar today, as the yellow metal is buoyed by haven demand amid ongoing tariffs concerns.
  • The move brings gold back toward its recent highs, with a bull cycle still in play.
  • Sights are on $2,790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend, opening the $2,800 handle.
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  • WTI has jumped back into gains on the day, likely supported by comments from the White House Press Secretary that the Feb 1 deadline for applying tariffs on Mexico and Canada still stands.
  • WTI Mar 25 is up by 1.0% at $73.9/bbl.
  • Despite today’s gains, WTI futures remain below the 20-day EMA at $74.13, which was breached yesterday, turning attention to support around the 50-day EMA, at $72.22.
  • On the upside, a continuation higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance.
  • Meanwhile, Henry Hub is extending its decline this week to the lowest levels since Jan 8, driven by a warm weather forecast for the southern US, which eases demand pressures after the cold weather last week.
  • US Natgas Feb 25 is down by 7.0% at $3.44/mmbtu.
  • Elsewhere, spot gold has risen by 0.9% to $2,764/oz, unwinding most of yesterday’s losses.
  • The gain comes despite the rebound in the dollar today, as the yellow metal is buoyed by haven demand amid ongoing tariffs concerns.
  • The move brings gold back toward its recent highs, with a bull cycle still in play.
  • Sights are on $2,790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend, opening the $2,800 handle.