Oil and Gold Inconspicuous
Yesterday, oil prices have softened. Brent and WTI dropped almost 40 cents and closed at 55.80 and 49.80. American Petroleum Institute crude inventories indicated a reduction of 4.079M barrels. Gasoline stocks increased 4M. Official Department of Energy crude inventory data will be closely watched. Today, Brent spot is sticking over 55.50 support. Resistance is seen at 56.60 and 57.00. WTI spot hit support at 49.60. 49.25 is 200-day moving average and 47.60 is 100-day moving average. Resistance is found at 50.50.
Yellow metal lifted 3 dollars and closed at 1275.00. Initial resistance is at 1281.00 and 1296.00, the 100-day moving average is at 1272.00. The support is noted at 1268.50 and 1263.00, 200-day moving average is at 1251.00.