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COMMODITIES: Gold Corrective Bear Cycle Extends, Crude Closing Higher

COMMODITIES
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  • Spot gold has fallen by another 0.7% to $2,600/oz, as higher US yields and pressure on major equity indices has prompted further gains for the US dollar.
  • The move brought the yellow metal below the $2,600 level earlier for the first time since September 20, down more than 5% since last week’s US election.
  • The latest pullback appears to be corrective, although recent weakness has resulted in a breach of the 50-day EMA, signalling scope for a deeper retracement towards $2,547.0, the Sep 18 low.
  • Meanwhile, copper has fallen by another 2% to $414/lb, its lowest level for two months.
  • The move reinforces a bearish theme, with attention turning to $404.20, the Sep 5 low.
  • Crude has oscillated between gains and losses today but is closing the day trading higher. Demand remains the key focus amid OPEC’s further reduction growth forecast. Meanwhile, soft China economic data and the continued USD strength also weigh on prices.
  • WTI Dec 24 is up by 0.4% at $68.3/bbl.
  • OPEC cut its oil demand growth forecast for a fourth consecutive month. It expects demand to grow by 1.82mn bpd this year and 1.54mn bpd next year, down from 1.93mn bpd and 1.64mn bpd, respectively.
  • A bearish theme in WTI futures remains intact and an extension lower would expose $65.99, the Oct 1 low. Initial resistance is $72.88, the Nov 7 high.
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  • Spot gold has fallen by another 0.7% to $2,600/oz, as higher US yields and pressure on major equity indices has prompted further gains for the US dollar.
  • The move brought the yellow metal below the $2,600 level earlier for the first time since September 20, down more than 5% since last week’s US election.
  • The latest pullback appears to be corrective, although recent weakness has resulted in a breach of the 50-day EMA, signalling scope for a deeper retracement towards $2,547.0, the Sep 18 low.
  • Meanwhile, copper has fallen by another 2% to $414/lb, its lowest level for two months.
  • The move reinforces a bearish theme, with attention turning to $404.20, the Sep 5 low.
  • Crude has oscillated between gains and losses today but is closing the day trading higher. Demand remains the key focus amid OPEC’s further reduction growth forecast. Meanwhile, soft China economic data and the continued USD strength also weigh on prices.
  • WTI Dec 24 is up by 0.4% at $68.3/bbl.
  • OPEC cut its oil demand growth forecast for a fourth consecutive month. It expects demand to grow by 1.82mn bpd this year and 1.54mn bpd next year, down from 1.93mn bpd and 1.64mn bpd, respectively.
  • A bearish theme in WTI futures remains intact and an extension lower would expose $65.99, the Oct 1 low. Initial resistance is $72.88, the Nov 7 high.