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COMMODITIES: Crude Climbs, Gold Rises For First Session In Seven

COMMODITIES
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  • WTI has found support today, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge. There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.
  • WTI Nov 24 is up by 3.5% at $75.8/bbl.
  • For WTI futures, the trend outlook remains bullish, with attention on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg.
  • On the downside, initial firm support to watch is $71.99, the 20-day EMA.
  • Spot gold has risen by 0.7% to $2,626/oz on Thursday, marking what be the first gain in seven sessions.
  • The yellow metal has pierced firm support at $2,615.9, the 20-day EMA, this week and a clear break would signal scope for a deeper retracement to $2,584.9, the Sep 20 low.
  • On the upside, a continuation of gains would refocus attention on $2,690.2, a Fibonacci projection.
  • Meanwhile, copper has rallied by 1.0% to $444/lb, a first gain in four sessions.
  • Copper futures remain in a short-term retracement mode, which for now is considered corrective. Key support is seen at $436.32, the 50-day EMA, while near-term resistance is at $479.00, the Sep 30 high.
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  • WTI has found support today, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge. There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.
  • WTI Nov 24 is up by 3.5% at $75.8/bbl.
  • For WTI futures, the trend outlook remains bullish, with attention on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg.
  • On the downside, initial firm support to watch is $71.99, the 20-day EMA.
  • Spot gold has risen by 0.7% to $2,626/oz on Thursday, marking what be the first gain in seven sessions.
  • The yellow metal has pierced firm support at $2,615.9, the 20-day EMA, this week and a clear break would signal scope for a deeper retracement to $2,584.9, the Sep 20 low.
  • On the upside, a continuation of gains would refocus attention on $2,690.2, a Fibonacci projection.
  • Meanwhile, copper has rallied by 1.0% to $444/lb, a first gain in four sessions.
  • Copper futures remain in a short-term retracement mode, which for now is considered corrective. Key support is seen at $436.32, the 50-day EMA, while near-term resistance is at $479.00, the Sep 30 high.