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COMMODITIES: Gold Rises To Fresh Record High, WTI Resumes Decline

COMMODITIES
  • Spot gold rose to a fresh record high of $2,773.6/oz today amid on-going safe haven demand ahead of the US election.
  • The yellow metal is currently up by 1.1% on the day, just below that high and above resistance at $2,767.1 next, a Fibonacci projection point.
  • Above here, sights are on the $2,800.0 handle next.
  • Analysts at Saxo Bank note that gold trades up given prospects of Trump 2.0, which may bring greater policy disruption, trade tariffs and increased geopolitical risk.
  • Meanwhile, silver is outperforming with a 2.3% gain to $34.5/oz, putting the precious metal within sight of the 12-year of $34.9 reached last week.
  • Bullish conditions in silver remain intact and the Oct 18 rally, plus last week’s initial extension, reinforce the current trend set-up and confirm a resumption of the uptrend.
  • Scope is seen for a climb towards $35.167, a Fibonacci projection.
  • Elsewhere, WTI resumed its downtrend from yesterday, with pressure from headlines that Israel may be ready for talks on ending the war in Lebanon.
  • WTI Dec 24 is down by 0.3% at $67.2/bbl.
  • A bearish theme in WTI futures remains intact, with eyes on $65.99 next, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
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