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COMMODITIES: Precious Metals, Copper Slump As USD Rallies

COMMODITIES
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  • Spot gold has fallen by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning, following the outcome of the US election.
  • Despite these pressures on gold, analysts at IG Asia say that this will be balanced with potential safe-haven demand in the event of any trade tensions arising from a Trump presidency.
  • From a technical perspective, the trend condition in gold remains bullish and the latest pullback is considered corrective.
  • However, an extension lower would signal scope for a deeper correction, towards $2,643.6, the 50-day EMA.
  • Meanwhile silver has also fallen by 4.4% to $31.2/oz, its lowest level since Oct 15.
  • Bullish conditions in silver remain intact and the bear cycle that started on Oct 23 is considered corrective, for now. However, a clear breach of the 50-day at $31.64, which has been pierced today, would signal scope for a deeper retracement towards $30.211, a trendline support.
  • Copper has also fallen by 5.2% to $424/lb, its lowest since Sept 18.
  • The sharp sell-off has resulted in a break of $429.15, the Oct 17 low, cancelling a recent bullish signal and highlighting potential for a continuation lower near-term.
  • This has opened $415.93, a Fibonacci retracement point.
  • After regaining some ground, WTI has reversed to approach the close trading lower.  The stronger dollar is weighing against concern of disrupted production in the Gulf of Mexico.
  • WTI Dec 24 is down by 0.1% at $71.9/bbl.
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  • Spot gold has fallen by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning, following the outcome of the US election.
  • Despite these pressures on gold, analysts at IG Asia say that this will be balanced with potential safe-haven demand in the event of any trade tensions arising from a Trump presidency.
  • From a technical perspective, the trend condition in gold remains bullish and the latest pullback is considered corrective.
  • However, an extension lower would signal scope for a deeper correction, towards $2,643.6, the 50-day EMA.
  • Meanwhile silver has also fallen by 4.4% to $31.2/oz, its lowest level since Oct 15.
  • Bullish conditions in silver remain intact and the bear cycle that started on Oct 23 is considered corrective, for now. However, a clear breach of the 50-day at $31.64, which has been pierced today, would signal scope for a deeper retracement towards $30.211, a trendline support.
  • Copper has also fallen by 5.2% to $424/lb, its lowest since Sept 18.
  • The sharp sell-off has resulted in a break of $429.15, the Oct 17 low, cancelling a recent bullish signal and highlighting potential for a continuation lower near-term.
  • This has opened $415.93, a Fibonacci retracement point.
  • After regaining some ground, WTI has reversed to approach the close trading lower.  The stronger dollar is weighing against concern of disrupted production in the Gulf of Mexico.
  • WTI Dec 24 is down by 0.1% at $71.9/bbl.