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COMMODITIES: Crude Rises To Highest Since August As Geopolitical Tensions Mount

COMMODITIES
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  • Crude prices rose further on Monday as the geopolitical risk premium surrounding an expected Israeli response to last week’s Iranian rocket attack continued to grow.
  • WTI Nov 24 is up by 3.9% at $77.3/bbl, while Brent broke above $80/bbl for the first time since August.
  • Brent had its highest weekly gain since January 2023 last week because of the tensions.
  • The rally in WTI futures undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg, followed by $79.69, the Jul 18 high.
  • Meanwhile, spot gold has fallen for a fourth successive session on Monday, with the yellow metal declining by 0.5% to $2,641/oz.
  • Gold remains in consolidation mode, although the trend condition is also unchanged and bulls are still in the driver’s seat.
  • The focus remains on $2,690.2 next, a Fibonacci projection. Firm support lies at $2,615.4, the 20-day EMA.
  • Silver is underperforming and has fallen by 1.6% to $31.7/oz.
  • The outlook for silver is still bullish, however, and a clear break of key resistance at $32.518, the May 20 high, would confirm a resumption of the medium-term uptrend and open $33.297, a Fibonacci projection.
  • Firm support lies at $30.134, the 50-day EMA.
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  • Crude prices rose further on Monday as the geopolitical risk premium surrounding an expected Israeli response to last week’s Iranian rocket attack continued to grow.
  • WTI Nov 24 is up by 3.9% at $77.3/bbl, while Brent broke above $80/bbl for the first time since August.
  • Brent had its highest weekly gain since January 2023 last week because of the tensions.
  • The rally in WTI futures undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg, followed by $79.69, the Jul 18 high.
  • Meanwhile, spot gold has fallen for a fourth successive session on Monday, with the yellow metal declining by 0.5% to $2,641/oz.
  • Gold remains in consolidation mode, although the trend condition is also unchanged and bulls are still in the driver’s seat.
  • The focus remains on $2,690.2 next, a Fibonacci projection. Firm support lies at $2,615.4, the 20-day EMA.
  • Silver is underperforming and has fallen by 1.6% to $31.7/oz.
  • The outlook for silver is still bullish, however, and a clear break of key resistance at $32.518, the May 20 high, would confirm a resumption of the medium-term uptrend and open $33.297, a Fibonacci projection.
  • Firm support lies at $30.134, the 50-day EMA.