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COMMODITIES: Crude, Gold Rise As Geopolitical Tensions Remain High

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI is on track for its highest close since Nov 8, supported by concerns over further escalation in the Russia-Ukraine war. This is set against pressure from a small build in US crude inventories last week.
  • WTI Jan 25 is up by 1.9% at $70.0/bbl.
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. However, Reuters reports a US official stating that the Russian missile that struck the Ukrainian city of Dnipro today, "does not mark a gamechanger in the conflict."
  • For WTI futures, a bearish theme remains intact, with eyes on $65.74 next, the Oct 1 low. Initial firm resistance is $72.41, the Nov 7 high.
  • Meanwhile, spot gold has risen for a fourth consecutive session, gaining by a further 0.7% to $2,670/oz.
  • The move brings the yellow metal to its highest since Nov 11, amid continued safe haven demand following the further escalation of geopolitical tensions.
  • As a result, the 20-day EMA at $2,653.1 has been breached. This highlights a stronger reversal for gold and signals the end of the recent bearish corrective cycle, opening $2,710.4, the Nov 11 high.
  • In contrast, copper has declined by 0.8% today, to $416/lb, as the further rally in the US dollar weighed on the red metal.
  • A bearish theme in copper futures remains intact, with attention on $401.35, the Aug 7 low and a bear trigger.
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  • WTI is on track for its highest close since Nov 8, supported by concerns over further escalation in the Russia-Ukraine war. This is set against pressure from a small build in US crude inventories last week.
  • WTI Jan 25 is up by 1.9% at $70.0/bbl.
  • The escalatory nature of the Russia/Ukraine conflict is still adding support for energy markets. However, Reuters reports a US official stating that the Russian missile that struck the Ukrainian city of Dnipro today, "does not mark a gamechanger in the conflict."
  • For WTI futures, a bearish theme remains intact, with eyes on $65.74 next, the Oct 1 low. Initial firm resistance is $72.41, the Nov 7 high.
  • Meanwhile, spot gold has risen for a fourth consecutive session, gaining by a further 0.7% to $2,670/oz.
  • The move brings the yellow metal to its highest since Nov 11, amid continued safe haven demand following the further escalation of geopolitical tensions.
  • As a result, the 20-day EMA at $2,653.1 has been breached. This highlights a stronger reversal for gold and signals the end of the recent bearish corrective cycle, opening $2,710.4, the Nov 11 high.
  • In contrast, copper has declined by 0.8% today, to $416/lb, as the further rally in the US dollar weighed on the red metal.
  • A bearish theme in copper futures remains intact, with attention on $401.35, the Aug 7 low and a bear trigger.