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COMMODITIES: Oil Reverses Gains After Biden Comments, Spot Gold Consolidates

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Oil markets reversed much of their Friday gains after Biden added more clarity to his Israel response comments suggesting oil sanctions are under consideration rather than strikes.
  • WTI Nov 24 is up by 0.7% at $74.3/bbl.
  • Goldman said Iranian oil strikes could cause a $20/bbl price response longer term though noted OPEC+ spare capacity could fill the gap.
  • For WTI futures, recent gains have exposed $75.20, a Fibonacci retracement. On the downside, initial support to watch is $70.55, the 20-day EMA.
  • US natural gas failed to hold up gains this week, seeing a sharp reversal following 5 weeks of rising prices with weather holding above normal and demand down slightly.
  • US Natgas Nov 24 is down by 3.8% today at $2.86/mmbtu.
  • Meanwhile, spot gold has edged down by 0.3% today to $2,648/oz, having swung from a low of $2,632 shortly after the US payrolls data to a high of $2,670 later in the session.
  • The move leaves the yellow metal marginally lower on the week as it has consolidated after reaching a fresh all-time high last week.
  • Although gold is in consolidation mode, the trend condition is unchanged and bulls remain in the driver’s seat.
  • The focus is on $2,690.2 next, a Fibonacci projection. Firm support lies at $2,611.7, the 20-day EMA. 
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  • Oil markets reversed much of their Friday gains after Biden added more clarity to his Israel response comments suggesting oil sanctions are under consideration rather than strikes.
  • WTI Nov 24 is up by 0.7% at $74.3/bbl.
  • Goldman said Iranian oil strikes could cause a $20/bbl price response longer term though noted OPEC+ spare capacity could fill the gap.
  • For WTI futures, recent gains have exposed $75.20, a Fibonacci retracement. On the downside, initial support to watch is $70.55, the 20-day EMA.
  • US natural gas failed to hold up gains this week, seeing a sharp reversal following 5 weeks of rising prices with weather holding above normal and demand down slightly.
  • US Natgas Nov 24 is down by 3.8% today at $2.86/mmbtu.
  • Meanwhile, spot gold has edged down by 0.3% today to $2,648/oz, having swung from a low of $2,632 shortly after the US payrolls data to a high of $2,670 later in the session.
  • The move leaves the yellow metal marginally lower on the week as it has consolidated after reaching a fresh all-time high last week.
  • Although gold is in consolidation mode, the trend condition is unchanged and bulls remain in the driver’s seat.
  • The focus is on $2,690.2 next, a Fibonacci projection. Firm support lies at $2,611.7, the 20-day EMA.