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COMMODITIES: Precious Metals, Copper Rise As Dollar Weakens

COMMODITIES
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  • Spot gold has risen by 1.2% to $2,692/oz on Thursday, unwinding some of yesterday’s losses when the yellow metal fell by over 3% in the aftermath of the US election.
  • Citi analysts see gold trading weak in the near-term, but believe that structural drivers remain in place.
  • The trend condition in Gold is still bullish and a continuation higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
  • On the downside, attention is on a key support at $2,645.4, the 50-day EMA.
  • Copper has also rebounded by 4.5% to $444/lb, aided by hopes of further Chinese stimulus measures and a softening of the dollar.
  • Key short-term resistance has been defined at $449.30, the Nov 5 high. A break would be a bullish development.
  • Meanwhile, WTI has climbed in US hours to the highest level since Oct 14, with no clear headline drivers. The market continues to weigh potential future supply risks – especially for sanctioned barrels - following the US election result.
  • WTI Dec 24 is up by 0.9% at $72.4/bbl.
  • For WTI futures, initial resistance is at $72.67, the Nov 5 high, which was pierced earlier today. A clear break would refocus attention on the key short-term resistance at $77.70, the Oct 8 high.
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  • Spot gold has risen by 1.2% to $2,692/oz on Thursday, unwinding some of yesterday’s losses when the yellow metal fell by over 3% in the aftermath of the US election.
  • Citi analysts see gold trading weak in the near-term, but believe that structural drivers remain in place.
  • The trend condition in Gold is still bullish and a continuation higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
  • On the downside, attention is on a key support at $2,645.4, the 50-day EMA.
  • Copper has also rebounded by 4.5% to $444/lb, aided by hopes of further Chinese stimulus measures and a softening of the dollar.
  • Key short-term resistance has been defined at $449.30, the Nov 5 high. A break would be a bullish development.
  • Meanwhile, WTI has climbed in US hours to the highest level since Oct 14, with no clear headline drivers. The market continues to weigh potential future supply risks – especially for sanctioned barrels - following the US election result.
  • WTI Dec 24 is up by 0.9% at $72.4/bbl.
  • For WTI futures, initial resistance is at $72.67, the Nov 5 high, which was pierced earlier today. A clear break would refocus attention on the key short-term resistance at $77.70, the Oct 8 high.