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COMMODITIES: Crude Falls on Ceasefire Approval

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI is heading for close trading lower after Israel Prime Minister Netanyahu announced his approval of a ceasefire deal to end fighting with Hezbollah in Lebanon.
  • WTI Jan 25 is down by 0.5% at $68.6/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
  • Meanwhile, spot gold is little changed today, with the yellow metal just 0.1% higher at $2,627/oz, despite a brief spike higher earlier in the session on headlines of a possible further escalation in tensions between Russia and Kyiv.
  • From a technical perspective, yesterday’s sharp pullback is considered corrective, for now, and the long-term trend condition remains bullish.
  • Resistance to watch is $2,721.4, yesterday’s high. Clearance of this level would be a bullish development. Key support is $2,536.9, the Nov 14 low.
  • Silver is outperforming slightly, up 0.6% on the day at $30.5/oz, with the gold-silver ratio at 86.2, around 1% below yesterday’s 2½-month high.
  • Medium-term bullish conditions in silver remain intact, although the corrective cycle that started on Oct 23 is still in play, exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.287, the 50-day EMA.
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  • WTI is heading for close trading lower after Israel Prime Minister Netanyahu announced his approval of a ceasefire deal to end fighting with Hezbollah in Lebanon.
  • WTI Jan 25 is down by 0.5% at $68.6/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
  • Meanwhile, spot gold is little changed today, with the yellow metal just 0.1% higher at $2,627/oz, despite a brief spike higher earlier in the session on headlines of a possible further escalation in tensions between Russia and Kyiv.
  • From a technical perspective, yesterday’s sharp pullback is considered corrective, for now, and the long-term trend condition remains bullish.
  • Resistance to watch is $2,721.4, yesterday’s high. Clearance of this level would be a bullish development. Key support is $2,536.9, the Nov 14 low.
  • Silver is outperforming slightly, up 0.6% on the day at $30.5/oz, with the gold-silver ratio at 86.2, around 1% below yesterday’s 2½-month high.
  • Medium-term bullish conditions in silver remain intact, although the corrective cycle that started on Oct 23 is still in play, exposing $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.287, the 50-day EMA.