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COMMODITIES: Crude Continues Pullback, Spot Gold Falls For Sixth Session

COMMODITIES
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  • Crude markets are heading for the close trading lower, although they have moderated some losses following a larger than expected US crude draw. A roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion have added downside.
  • WTI Nov 24 is down by 0.4% at $73.3/bbl.
  • For WTI futures, initial firm support to watch is at $71.59, the 20-day EMA.
  • Meanwhile, spot gold has fallen for a sixth consecutive session, with the yellow metal declining by 0.5% to $2,608/oz.
  • The latest short-term retracement in gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat.
  • A resumption of gains would refocus attention on $2,690.2, a Fibonacci projection.
  • Firm support at $2,615.7, the 20-day EMA, has been pierced. A clear break would signal scope for a deeper retracement to $2,584.9, the Sep 20 low.
  • Copper has also declined by another 1.2% to $441/lb, amid doubts over prospects for Chinese stimulus.
  • Copper futures remain in a short-term retracement mode, which for now is considered corrective.
  • Key support is seen at $436.04, the 50-day EMA. 
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  • Crude markets are heading for the close trading lower, although they have moderated some losses following a larger than expected US crude draw. A roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion have added downside.
  • WTI Nov 24 is down by 0.4% at $73.3/bbl.
  • For WTI futures, initial firm support to watch is at $71.59, the 20-day EMA.
  • Meanwhile, spot gold has fallen for a sixth consecutive session, with the yellow metal declining by 0.5% to $2,608/oz.
  • The latest short-term retracement in gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat.
  • A resumption of gains would refocus attention on $2,690.2, a Fibonacci projection.
  • Firm support at $2,615.7, the 20-day EMA, has been pierced. A clear break would signal scope for a deeper retracement to $2,584.9, the Sep 20 low.
  • Copper has also declined by another 1.2% to $441/lb, amid doubts over prospects for Chinese stimulus.
  • Copper futures remain in a short-term retracement mode, which for now is considered corrective.
  • Key support is seen at $436.04, the 50-day EMA.