- Crude prices have dipped further today, erasing most of yesterday’s gains. While there were no clear headline drivers during US hours, the market awaits the outcome from OPEC+’s meeting on Dec 5. The fall comes despite a larger than expected US crude stock draw.
- WTI Jan 25 is down by 1.7% at $68.7/bbl.
- OPEC+ is progressing on discussion for a possible three-month delay to its oil production hike according to Bloomberg sources.
- A bearish threat in WTI futures remains present, with eyes on $65.74, the Oct 1 low.
- Meanwhile, spot gold has edged up by another 0.3% today to $2,652/oz, keeping the yellow metal in the tight range it has traded in since the sharp pull-back on Nov 25.
- The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Analysts at BofA still believe that gold will reach $3,000/oz at some point next year.
- Our technical analyst says that resistance to watch is $2,721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development.
- Silver is outperforming again today, with the precious metal up by 0.8% at $31.3/oz. The move brings the gold-silver ratio down to 84.7, its lowest since Nov 20.
- Silver has pierced initial firm resistance at $31.157, the 50-day EMA. A clear break of this EMA would highlight a possible reversal, opening $33.125 next, the Nov 1 high.
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COMMODITIES: Crude Sinks, Spot Gold Continues To Consolidate
Last updated at:Dec-04 19:33By: Keith Gyles
Metals+ 15
- Crude prices have dipped further today, erasing most of yesterday’s gains. While there were no clear headline drivers during US hours, the market awaits the outcome from OPEC+’s meeting on Dec 5. The fall comes despite a larger than expected US crude stock draw.
- WTI Jan 25 is down by 1.7% at $68.7/bbl.
- OPEC+ is progressing on discussion for a possible three-month delay to its oil production hike according to Bloomberg sources.
- A bearish threat in WTI futures remains present, with eyes on $65.74, the Oct 1 low.
- Meanwhile, spot gold has edged up by another 0.3% today to $2,652/oz, keeping the yellow metal in the tight range it has traded in since the sharp pull-back on Nov 25.
- The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Analysts at BofA still believe that gold will reach $3,000/oz at some point next year.
- Our technical analyst says that resistance to watch is $2,721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development.
- Silver is outperforming again today, with the precious metal up by 0.8% at $31.3/oz. The move brings the gold-silver ratio down to 84.7, its lowest since Nov 20.
- Silver has pierced initial firm resistance at $31.157, the 50-day EMA. A clear break of this EMA would highlight a possible reversal, opening $33.125 next, the Nov 1 high.
Related bullets
Related by topic
Metals
Gasoil
Marine Oil
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
US Natgas
TTF ICE
Asia LNG
Gas Positioning
