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COMMODITIES: Crude, Precious Metals Rally Amid Pullback In Dollar

COMMODITIES
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  • Crude has rallied, supported by the escalation in the Russia-Ukraine situation after President Biden permitted Ukraine to strike inside Russia with US missiles. A weaker USD on the day, with the Bloomberg dollar spot index down 0.4%, is also adding upside.
  • WTI Dec 24 is up by 3.2% at $69.2/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.99, the Oct 1 low.
  • On the upside, initial firm resistance is at $72.88, the Nov 7 high.
  • Precious metals have also benefitted from the pullback in the dollar today, with spot gold rising by 1.8% to $2,609/oz.
  • The move comes as Goldman Sachs reiterated its forecast for gold to reach $3,000/oz next year, noting that the recent sell-off provided an attractive entry point to buy the yellow metal.
  • The long-term trend condition in gold remains bullish, with firm resistance seen at $2,653.2, the 20-day EMA.
  • Meanwhile, silver is outperforming and is up by 2.7% at $31.1/oz.
  • For silver, bullish conditions remain intact and the bear cycle that started on Oct 23 appears to be a correction - for now. Initial firm resistance to watch is $31.594, the 20-day EMA.
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  • Crude has rallied, supported by the escalation in the Russia-Ukraine situation after President Biden permitted Ukraine to strike inside Russia with US missiles. A weaker USD on the day, with the Bloomberg dollar spot index down 0.4%, is also adding upside.
  • WTI Dec 24 is up by 3.2% at $69.2/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.99, the Oct 1 low.
  • On the upside, initial firm resistance is at $72.88, the Nov 7 high.
  • Precious metals have also benefitted from the pullback in the dollar today, with spot gold rising by 1.8% to $2,609/oz.
  • The move comes as Goldman Sachs reiterated its forecast for gold to reach $3,000/oz next year, noting that the recent sell-off provided an attractive entry point to buy the yellow metal.
  • The long-term trend condition in gold remains bullish, with firm resistance seen at $2,653.2, the 20-day EMA.
  • Meanwhile, silver is outperforming and is up by 2.7% at $31.1/oz.
  • For silver, bullish conditions remain intact and the bear cycle that started on Oct 23 appears to be a correction - for now. Initial firm resistance to watch is $31.594, the 20-day EMA.