COMMODITIES: WTI Futures Extending Current Bull Cycle
WTI futures have traded higher this week, extending the current bull cycle. The contract has cleared the 50-day EMA, signalling scope for an extension towards $67.14 next, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. MA studies are in a bear-mode position, highlighting a dominant M/T downtrend. Support to watch lies at $59.74, the May 30 low. A break would highlight a potential bearish reversal. A bullish theme in Gold remains intact and the latest pullback appears corrective. Medium-term trend signals remain bullish - moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3245.6, the 50-day EMA.
- WTI Crude up $0.17 or +0.26% at $65.19
- Natural Gas up $0.03 or +0.74% at $3.558
- Gold spot up $21.61 or +0.65% at $3346.06
- Copper down $4.25 or -0.87% at $485.7
- Silver down $0.02 or -0.06% at $36.5246
- Platinum up $42.47 or +3.48% at $1262.98
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BOE: Lombardelli: Pay settlements more important than waiting for AWE
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"The tariffs is not the dominating thing for monetary policy in the UK at the moment, right? That is about what we're seeing on domestic inflationary pressure... this is huge news on tariffs and trade and trade policy uncertainty. But actually... we're very open economy, but we're also very kind of service based economy, the tariffs that, in themselves, don't actually apply directly to that much sort of UK, UK, GDP, the tariff uncertain, the trade policy uncertainty... so far as it weighs on demand. And in particular, you'll see... we talked the other day about what we're seeing on the savings ratio, what we're seeing on investment. I mean, we do have very low levels of investment in our in our outlook. So you see it weighing on, on demand through that, but actually, in and of themselves, they're not the dominating thing. So you know, the question of, why did we not change your language very much? Why did you not change your approach very much? Why did you not do a series of scenarios about tariffs? The answer is, basically, that's not the dominating thing driving our policy decision at the moment, for a lot of the committee, I can't speak for all of the committee."
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