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COMMODITIES: Gold Pulls Back From Record High, WTI Falls Amid Stock Build

COMMODITIES
  • Spot gold has fallen by 1.3% to $2,714/oz on Wednesday, as the yellow metal has pulled back from the fresh record high of $2,758.5 it reached earlier in the session.
  • Despite today’s profit taking, following the recent run-up in prices, analysts at Standard Chartered expect further gains in the coming weeks, with price averaging $2,800 in Q4, and $2,900 in Q1 2025.
  • In terms of the technicals, the recent extension in gold reinforces the bullish theme. Sights are on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.
  • Firm support is at $2,666.4, the 20-day EMA.
  • Silver has also pulled back from its highest level in 12 years today, with the precious metal falling by 3.7% to $33.6/oz.
  • Bullish conditions in silver remain intact, with eyes on $35.167 next, a Fibonacci projection. Initial firm support lies at $32.112, the 20-day EMA.
  • Meanwhile, WTI is headed for the close trading lower, with additional pressure during the day coming from EIA data showing a 5.47mn barrel build in US crude inventories.
  • WTI Dec 24 is down by 1.2% at $70.9/bbl.
  • For WTI futures, a bearish theme remains intact, with attention on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. On the upside, key short-term resistance at $77.70, the Oct 8 high.
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