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COMMODITIES: Crude Sinks, Spot Gold Continues To Consolidate

COMMODITIES
  • 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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