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COMMODITIES: Gold Rises To Fresh Record High, Crude Rises On Week

COMMODITIES
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  • Spot gold rose to a new all-time high of $2,625.8/oz on Friday, aided by dovish comments from the Fed’s Waller, before paring gains later in the session.
  • The yellow metal is currently up 1.3% at $2,620/oz.
  • Analysts at Quantix Commodities say that although a near-term pull-back in prices is possible, given extreme positioning, the beginning of a Fed easing cycle will undoubtedly be bullish for gold.
  • From a technical perspective, having pierced initial resistance at $2,613.3 today, next resistance is seen at $2,642.7, the 2.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing.
  • Silver has also risen 1.2% today, to $31.2/oz, its highest level since July 17.
  • The break of key short-term resistance at $30.192, the Aug 26 high, signals scope for an extension towards $31.754, the Jul 11 high.
  • Crude markets have eased back on the day but are set for a net weekly gain of over 4%. Support follows an improved risk sentiment amid expectations that the Fed is confident of a soft landing for the US economy.
  • WTI Oct 24 is down marginally at $71.9/bbl.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defence Minister suggesting a ‘new phase’ in the war is imminent.
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  • Spot gold rose to a new all-time high of $2,625.8/oz on Friday, aided by dovish comments from the Fed’s Waller, before paring gains later in the session.
  • The yellow metal is currently up 1.3% at $2,620/oz.
  • Analysts at Quantix Commodities say that although a near-term pull-back in prices is possible, given extreme positioning, the beginning of a Fed easing cycle will undoubtedly be bullish for gold.
  • From a technical perspective, having pierced initial resistance at $2,613.3 today, next resistance is seen at $2,642.7, the 2.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing.
  • Silver has also risen 1.2% today, to $31.2/oz, its highest level since July 17.
  • The break of key short-term resistance at $30.192, the Aug 26 high, signals scope for an extension towards $31.754, the Jul 11 high.
  • Crude markets have eased back on the day but are set for a net weekly gain of over 4%. Support follows an improved risk sentiment amid expectations that the Fed is confident of a soft landing for the US economy.
  • WTI Oct 24 is down marginally at $71.9/bbl.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defence Minister suggesting a ‘new phase’ in the war is imminent.