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COMMODITIES: Gold Extends Recovery From Last Week’s Lows

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Spot gold has risen another 0.7% to $2,630/oz today, amid the escalation in geopolitical tensions between Russia and the West.
  • Despite President Putin's move to revise Russia's nuclear doctrine, however, US State Department Spokesperson Matthew Miller has told reporters that the US has seen no reason to adjust its own nuclear posture.
  • Technicals for gold remain bullish, with eyes on the 20-day EMA at $2,651.1.
  • A clear break above this average would highlight a possible reversal and signal the end of the recent bearish corrective cycle. This would open $2,710.4, the Nov 11 high.
  • Copper has also risen by 0.7% to $420/lb.
  • A bearish theme remains intact, however, with attention on $401.35, the Aug 7 low and a bear trigger. Key short-term resistance is at $452.85, the Nov 5 high.
  • Meanwhile, WTI is headed for the close higher on the day, after earlier struggling for direction. News of Iran’s pledge not to further enrich weapon’s grade uranium added downside, while the increase in Russia tensions was supportive.
  • WTI Jan 24 is up by 0.3% at $69.4/bbl.
  • Iran has agreed to stop producing uranium enriched close to the level required for nuclear weapons, according to UN inspectors.
  • For WTI futures, support at $65.74, the Oct 1 low, remains exposed. Initial firm resistance is at $72.41, the Nov 7 high.
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  • Spot gold has risen another 0.7% to $2,630/oz today, amid the escalation in geopolitical tensions between Russia and the West.
  • Despite President Putin's move to revise Russia's nuclear doctrine, however, US State Department Spokesperson Matthew Miller has told reporters that the US has seen no reason to adjust its own nuclear posture.
  • Technicals for gold remain bullish, with eyes on the 20-day EMA at $2,651.1.
  • A clear break above this average would highlight a possible reversal and signal the end of the recent bearish corrective cycle. This would open $2,710.4, the Nov 11 high.
  • Copper has also risen by 0.7% to $420/lb.
  • A bearish theme remains intact, however, with attention on $401.35, the Aug 7 low and a bear trigger. Key short-term resistance is at $452.85, the Nov 5 high.
  • Meanwhile, WTI is headed for the close higher on the day, after earlier struggling for direction. News of Iran’s pledge not to further enrich weapon’s grade uranium added downside, while the increase in Russia tensions was supportive.
  • WTI Jan 24 is up by 0.3% at $69.4/bbl.
  • Iran has agreed to stop producing uranium enriched close to the level required for nuclear weapons, according to UN inspectors.
  • For WTI futures, support at $65.74, the Oct 1 low, remains exposed. Initial firm resistance is at $72.41, the Nov 7 high.