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COMMODITIES: Crude Rallies As Middle-East Tensions Rise, Spot Gold Climbs

COMMODITIES
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  • Oil is pricing off some earlier gains as the impact of Iranian missile strikes on Israel become clearer, but uncertainty surrounds the response.
  • WTI Nov 24 is up 2.4% at $69.8/bbl.
  • The strikes step up escalations in the region and represent a more significant attack than the orchestrated efforts in April, which were largely thwarted by the iron dome and seemingly at lower value targets.
  • For WTI futures, key resistance remains at the 50-day EMA of $71.69, which is the key upside hurdle for bulls. A move lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Meanwhile, spot gold has risen by 1.1% to $2,663/oz, amidst the escalation in tensions in the middle-east.
  • The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2589.8, the 20-day EMA.
  • Silver has also gained by 0.9% to $31.4/oz, narrowing the gap to resistance at $32.715, the Sept 26 high.
  • Copper has risen by 0.7% to $459/lb, albeit off the session high at $462.5.
  • 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.
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  • Oil is pricing off some earlier gains as the impact of Iranian missile strikes on Israel become clearer, but uncertainty surrounds the response.
  • WTI Nov 24 is up 2.4% at $69.8/bbl.
  • The strikes step up escalations in the region and represent a more significant attack than the orchestrated efforts in April, which were largely thwarted by the iron dome and seemingly at lower value targets.
  • For WTI futures, key resistance remains at the 50-day EMA of $71.69, which is the key upside hurdle for bulls. A move lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Meanwhile, spot gold has risen by 1.1% to $2,663/oz, amidst the escalation in tensions in the middle-east.
  • The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2589.8, the 20-day EMA.
  • Silver has also gained by 0.9% to $31.4/oz, narrowing the gap to resistance at $32.715, the Sept 26 high.
  • Copper has risen by 0.7% to $459/lb, albeit off the session high at $462.5.
  • 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.