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COMMODITIES: Crude Gives Up Early Gains, Spot Gold Consolidates

COMMODITIES
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  • Rising tensions in the Middle East supported oil early on Wednesday, but the market is still unsure how to price a geopolitical risk premium with no physical oil flows impacted.
  • Meanwhile, a build in this week’s EIA report added the downward sentiment required to cause crude to reverse these earlier gains, sparking a sell-off later in the session.
  • WTI Nov 24 is up 0.3% at $70.1/bbl.
  • For WTI futures, resistance at the 50-day EMA, at $71.62, has been pierced. A clear breach of this EMA is required to highlight a stronger reversal that would open $76.40, the Aug 26 high.
  • For bears, a reversal lower would refocus attention on the key support and bear trigger at $64.61, the Sep 10 low.
  • Spot gold has edged down by 0.4% to $2,653/oz, as the yellow metal consolidates near last month’s record high of $2,685.
  • Gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment.
  • Focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.
  • Meanwhile, copper has risen by another 1.3% today, to $465/lb.
  • Key near-term resistance is seen at $479.00, Monday’s intraday high. A break of this level would mark a resumption of the uptrend. Key support is seen at $432.78, the 50-day EMA.
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  • Rising tensions in the Middle East supported oil early on Wednesday, but the market is still unsure how to price a geopolitical risk premium with no physical oil flows impacted.
  • Meanwhile, a build in this week’s EIA report added the downward sentiment required to cause crude to reverse these earlier gains, sparking a sell-off later in the session.
  • WTI Nov 24 is up 0.3% at $70.1/bbl.
  • For WTI futures, resistance at the 50-day EMA, at $71.62, has been pierced. A clear breach of this EMA is required to highlight a stronger reversal that would open $76.40, the Aug 26 high.
  • For bears, a reversal lower would refocus attention on the key support and bear trigger at $64.61, the Sep 10 low.
  • Spot gold has edged down by 0.4% to $2,653/oz, as the yellow metal consolidates near last month’s record high of $2,685.
  • Gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment.
  • Focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.
  • Meanwhile, copper has risen by another 1.3% today, to $465/lb.
  • Key near-term resistance is seen at $479.00, Monday’s intraday high. A break of this level would mark a resumption of the uptrend. Key support is seen at $432.78, the 50-day EMA.