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COMMODITIES: Crude, Precious Metals Slide As Geopolitical Tensions Ease

COMMODITIES
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  • Crude markets have lost ground today after media outlets reported that Hezbollah Deputy Secretary General endorsed a truce with Israel not explicitly tied to a ceasefire in Gaza.
  • However, media reports suggest that Israel may not have completely ruled out targeting Iranian energy facilities.
  • WTI Nov 24 is down by 4.5% at $73.7/bbl.
  • For WTI futures, initial firm support to watch is at $71.41, the 20-day EMA.   
  • Spot gold has also fallen by 1.0% to $2,616/oz, a fifth consecutive loss, bringing the yellow metal to its lowest level since Sept 20.
  • Analysts at Saxo Bank said the move mostly reflected an unravelling of geopolitical risk premium following the lack of an escalation in middle east tensions so far this week.
  • Today’s move in gold has seen it pierce support at $2615.0, the 20-day EMA. A clear break of this would open $2,584.9, Sep 20 low.
  • Silver has also fallen by 3.8% to $30.5/oz, narrowing the gap to firm support at $30.144, the 50-day EMA.
  • Meanwhile, copper has fallen by 2.4% to $446/lb, amidst disappointment on Chinese stimulus prospects.
  • For copper, key support is seen at $435.84, the 50-day EMA.
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  • Crude markets have lost ground today after media outlets reported that Hezbollah Deputy Secretary General endorsed a truce with Israel not explicitly tied to a ceasefire in Gaza.
  • However, media reports suggest that Israel may not have completely ruled out targeting Iranian energy facilities.
  • WTI Nov 24 is down by 4.5% at $73.7/bbl.
  • For WTI futures, initial firm support to watch is at $71.41, the 20-day EMA.   
  • Spot gold has also fallen by 1.0% to $2,616/oz, a fifth consecutive loss, bringing the yellow metal to its lowest level since Sept 20.
  • Analysts at Saxo Bank said the move mostly reflected an unravelling of geopolitical risk premium following the lack of an escalation in middle east tensions so far this week.
  • Today’s move in gold has seen it pierce support at $2615.0, the 20-day EMA. A clear break of this would open $2,584.9, Sep 20 low.
  • Silver has also fallen by 3.8% to $30.5/oz, narrowing the gap to firm support at $30.144, the 50-day EMA.
  • Meanwhile, copper has fallen by 2.4% to $446/lb, amidst disappointment on Chinese stimulus prospects.
  • For copper, key support is seen at $435.84, the 50-day EMA.