September 24, 2024 18:37 GMT
COMMODITIES: Gold Extends Gains To Fresh Record High, Crude Rises
COMMODITIES
- Spot gold has extended gains on Tuesday, buoyed by China stimulus measures that created an optimistic backdrop for risk sentiment and a favourable reaction across the commodities complex.
- The yellow metal is up 1.1% on the day, reaching another all-time high of $2,657/oz in recent trade.
- Gold has now pierced resistance at $2,642.7, with attention on $2,660.9 next, a Fibonacci projection, after which focus will shift to the $2,700 level.
- Copper has also rallied by 3.7% to $451/lb today, taking total gains this month to around 10%, amidst increased optimism for Chinese demand.
- The rally in copper exposes $453.83, a Fibonacci retracement. Clearance of this level would expose $464.60, the Jul 5 high.
- Meanwhile, WTI is on track for gains today, although it has eased back from intraday highs. Support comes from some near-term supply disruptions and risks from Libya, US, Kazakhstan and a recent drop in Russian exports.
- WTI Nov 24 is up 1.7% at $71.5/bbl.
- Wires carrying comments from IDF spox Rear Admiral Daniel Hagari saying "we must not give Hezbollah a break, attacks will be accelerated.”
- For WTI futures, the next key resistance to watch is $72.34, the 50-day EMA. A break would undermine a bear theme.
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