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Free AccessCOMMODITIES: Spot Gold Extends All-Time Highs
- Further dollar weakness helped gold extend its all-time highs on Friday, reaching $2,586/oz earlier in the session.
- The yellow metal is currently up by 1.0% on the day at $2,582/oz, taking the weekly gain to 3.4%.
- The immediate focus from here is on resistance at $2,584.0/oz, the 1.764 proj of the Jul 25 - Aug 2 - Aug 5 price swing. This level shields round number resistance at $2,600/oz.
- Meanwhile, silver has outperformed again, up 2.6% to $30.7/oz, now at its highest since July 17.
- The Jul 11 high at $31.754 provides the next resistance, before the bull trigger at $32.518, the May 20 high.
- That leaves the Gold/Silver ratio on track for a third straight decline at 84.2. The Aug 27 low at 83.5732 provides initial support.
- WTI has moved into losses on the day, as output returns in the USGC following Hurricane Francine. However, crude is headed for a net weekly gain, supported by previous production disruptions in the Gulf of Mexico, and risk-on sentiment ahead of expected Fed rate cuts.
- WTI Oct 24 is down 0.2% at $68.8/bbl.
- WTI futures remain in a bearish condition, suggesting that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. Firm resistance is at $71.05, the 20-day EMA.
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Why MNI
MNI is the leading provider
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