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COMMODITIES: Another Record High For Gold, WTI Erases Losses

COMMODITIES
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  • Gold hit a fresh record high on Tuesday, aided by continued safe haven demand amid the ongoing tariff uncertainty and a weaker US dollar.
  • Spot gold is currently 1.0% higher on the session at $2,844/oz, taking total gains this year to over 9%.
  • The move comes amid a further escalation of trade tensions between the US and China. In addition, President Trump's hardline approach on Iran has assisted the push lower in the front-end of the US yield curve, pressuring the greenback.
  • For gold, next immediate resistance is seen at $2,845.2, a Fibonacci projection, which has been tested today. This is followed by $2,867.5, the 1.50 projection of the Nov 14 - Dec 12 - 19 price swing.
  • There have also been some spillovers into silver, which has risen by 1.9% to $32.2/oz.
  • For silver, sights are on $32.338, the Dec 12 high and a key resistance. Clearance of this level would highlight a reversal, opening $33.125, the Nov 1 high.
  • Meanwhile, WTI erased most of its earlier losses after the headlines that the Trump administration was seeking “maximum pressure” on Iran.
  • WTI Mar 25 is down by 0.5% at $72.8/bbl.
  • Earlier losses today saw WTI futures pierce support around the 50-day EMA, at $72.32. A clear break of the 50-day average would suggest scope for a deeper retracement towards next support at $68.05, the Dec 20 low.
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  • Gold hit a fresh record high on Tuesday, aided by continued safe haven demand amid the ongoing tariff uncertainty and a weaker US dollar.
  • Spot gold is currently 1.0% higher on the session at $2,844/oz, taking total gains this year to over 9%.
  • The move comes amid a further escalation of trade tensions between the US and China. In addition, President Trump's hardline approach on Iran has assisted the push lower in the front-end of the US yield curve, pressuring the greenback.
  • For gold, next immediate resistance is seen at $2,845.2, a Fibonacci projection, which has been tested today. This is followed by $2,867.5, the 1.50 projection of the Nov 14 - Dec 12 - 19 price swing.
  • There have also been some spillovers into silver, which has risen by 1.9% to $32.2/oz.
  • For silver, sights are on $32.338, the Dec 12 high and a key resistance. Clearance of this level would highlight a reversal, opening $33.125, the Nov 1 high.
  • Meanwhile, WTI erased most of its earlier losses after the headlines that the Trump administration was seeking “maximum pressure” on Iran.
  • WTI Mar 25 is down by 0.5% at $72.8/bbl.
  • Earlier losses today saw WTI futures pierce support around the 50-day EMA, at $72.32. A clear break of the 50-day average would suggest scope for a deeper retracement towards next support at $68.05, the Dec 20 low.