FED: Daly: Must Be Open-Minded When Monitoring AI Impacts

• On the commodity front, the trend structure in Gold is unchanged, it remains bullish and today’s fresh cycle high reinforces current conditions. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on the $4696.3 next, a 0.764 projection of the Nov 18 - Dec 26 - Dec 31 swing. Initial firm support to watch lies at $4472.2, the 20-day EMA. A break of the average would signal the start of a corrective phase.
• A bull cycle in WTI futures remains intact for now and a short-term cycle high last week reinforces a bull theme. The move lower from the Jan 14 high appears corrective - for now. Price has traded through a key S/T resistance at $61.25, the Oct 25 high. This strengthens the bull phase and highlights a stronger reversal of the recent downtrend. Sights are on $62.59 next, the 76.4% retracement of the Sep 26 - Dec 16 downleg. Initial firm support lies at $58.67, the 50-day EMA.

OI data points to net short setting dominating as SOFR futures ticked lower on Friday, with only one instance of net long cover seen across the front 16 contracts.

• President Trump's latest round of comments surrounding the Fed reduced odds of NEC Chair Hassett succeeding Jerome Powell, providing much of the hawkish impetus on the day.

OEG6 116.75c vs OEH6 117c, bought the March for 9.5 in 2k.