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COMMODITIES: Precious Metals Gain, Crude Trades Lower

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Spot gold has risen by 1.0% to $2,656/oz today, leaving the yellow metal broadly unchanged on the week.
  • With the resumption of gains over the last two sessions, following six consecutive losses, attention refocuses on $2,690.2, a Fibonacci projection.
  • Firm support lies at $2,620.3, the 20-day EMA.
  • Meanwhile, silver has also gained by 1.0% to $31.5/oz on Friday, leaving it around 2% lower on the week.
  • The short-term weakness in silver this week is considered corrective and bullish conditions remain intact. Focus remains on $32.963, the Oct 4 high.
  • WTI traded lower today, but rose around 1.5% on the week, as the market weighs the risk of supply disruption in the Middle East and awaits Israel’s retaliation against Iran.
  • WTI Nov 24 is down by 0.5% at $75.5/bbl.
  • Recent gains for WTI futures suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced and a clear break of it would strengthen a bullish condition.
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  • Spot gold has risen by 1.0% to $2,656/oz today, leaving the yellow metal broadly unchanged on the week.
  • With the resumption of gains over the last two sessions, following six consecutive losses, attention refocuses on $2,690.2, a Fibonacci projection.
  • Firm support lies at $2,620.3, the 20-day EMA.
  • Meanwhile, silver has also gained by 1.0% to $31.5/oz on Friday, leaving it around 2% lower on the week.
  • The short-term weakness in silver this week is considered corrective and bullish conditions remain intact. Focus remains on $32.963, the Oct 4 high.
  • WTI traded lower today, but rose around 1.5% on the week, as the market weighs the risk of supply disruption in the Middle East and awaits Israel’s retaliation against Iran.
  • WTI Nov 24 is down by 0.5% at $75.5/bbl.
  • Recent gains for WTI futures suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced and a clear break of it would strengthen a bullish condition.