WTI, gold and natural gas remain bid ahead of U.S. inflation publication
Outlook on WTI, gold and natural gas ahead of Wednesday’s U.S. CPI for June.
WTI trades in 2 ½ month highs
WTI’s steady advance on the back of tighter supply after top exporters Saudi Arabia and Russia announced additional production cuts for August has taken it to a 2 ½ month high, close to the $75 mark. Above it beckons the 200-day simple moving average (SMA) at $77.13. Minor support below the $74.70 May peak can be seen between the mid-May and early June highs at $73.82 to $73.89. Further minor support sits at the late June high at $72.70.
Gold gradually rises ahead of key U.S. inflation reading
The gold price has been slowly rising from its $1,903 per troy ounce early July low and has so far reached a 2-week high at $1,941 ahead of Wednesday’s U.S. inflation print for June. Resistance can be found between the $1,970 mid-April low and the 55-day simple moving average (SMA) at $1,962. Support sits at the mid-June low at $1,925 and at the 23 June low at $1,911.
Natural gas prices rise on two consecutive days
Natural gas price rises seem to be running out of steam around Tuesday’s high at $2.73 MMBtu, marginally below the $2.7836 May peak and the early July high at $2.789. While this resistance area caps, the decline seen from the June peak at $2.930 remains intact. A fall through the late June low at $2.617 would put last week’s low at $2.534 back on the cards.
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