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COMMODITIES: Crude Gains On Mid-East Tensions, Precious Metals Soften

COMMODITIES
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  • Oil markets found some support late in Friday’s session as Israel hit Hezbollah’s main HQ targeting Hezbollah leader Hassan Nasrallah.
  • WTI Nov 24 is up 0.9% at $68.3/bbl.
  • Oil has faced pressure this week over OPEC+ sources led stories suggesting the group will bring barrels back, with Saudi eager on protecting market share.
  • For WTI futures, resistance at the 50-day EMA of $71.91 remains the key upside level. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Spot gold has fallen by 1.0% to $2,645/oz today, leaving the yellow metal $40 below yesterday’s all-time high, but still up by 0.9% on the week.
  • This week’s move higher confirms a resumption of the primary uptrend, with focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.
  • After reaching its highest level since end 2012 yesterday, silver is underperforming today and is down by 1.7% at $31.5/oz.
  • For silver, bullish conditions remain intact and this week’s climb reinforces this set-up. Clearance of next key resistance at $32.518, would open $33.880, a Fibonacci projection. Firm support lies at $29.69, the 50-day EMA.
  • Meanwhile, copper has fallen by 1.1% to $459/lb today, but remains over 5.5% higher on the weak on Chinese demand optimism.
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  • Oil markets found some support late in Friday’s session as Israel hit Hezbollah’s main HQ targeting Hezbollah leader Hassan Nasrallah.
  • WTI Nov 24 is up 0.9% at $68.3/bbl.
  • Oil has faced pressure this week over OPEC+ sources led stories suggesting the group will bring barrels back, with Saudi eager on protecting market share.
  • For WTI futures, resistance at the 50-day EMA of $71.91 remains the key upside level. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Spot gold has fallen by 1.0% to $2,645/oz today, leaving the yellow metal $40 below yesterday’s all-time high, but still up by 0.9% on the week.
  • This week’s move higher confirms a resumption of the primary uptrend, with focus on $2675.5 next, a Fibonacci projection. Firm support lies at $2583.9, the 20-day EMA.
  • After reaching its highest level since end 2012 yesterday, silver is underperforming today and is down by 1.7% at $31.5/oz.
  • For silver, bullish conditions remain intact and this week’s climb reinforces this set-up. Clearance of next key resistance at $32.518, would open $33.880, a Fibonacci projection. Firm support lies at $29.69, the 50-day EMA.
  • Meanwhile, copper has fallen by 1.1% to $459/lb today, but remains over 5.5% higher on the weak on Chinese demand optimism.