September 12, 2024 18:38 GMT
COMMODITIES: Spot Gold Hits Fresh All-Time High, Crude Climbs
COMMODITIES
- Spot gold rose 1.7% to a new record high at $2,555/oz today, following the ECB rate cut and latest US data which reinforced expectations for a first Fed cut next week.
- A bullish structure in gold remains intact, reinforced by today’s gains, which ended the recent consolidation. The focus next is on $2,565.75, a Fibonacci projection.
- Meanwhile, silver has outperformed, rising by 3.9% to $29.8/oz, its highest level since Aug 28.
- For silver, however, a medium-term bearish cycle remains intact and short-term gains are considered corrective.
- Key short-term resistance has been defined at $30.192, the Aug 26 high. A breach of this hurdle would cancel the bearish theme and expose $30.502, a Fibonacci retracement.
- Copper is also up by 1.3% at $419/lb, having earlier in the session risen towards $424, its highest level since end-August.
- WTI is headed for its highest close since Sep. 5. Support comes from a weaker USD and better risk sentiment. Crude has continued its rebound after Brent reached a low of $68.68/bbl earlier this week.
- WTI Oct 24 is up 2.7% at $69.1/bbl.
- From a technical perspective, WTI futures remain in a bearish condition and short-term gains are considered corrective. A renewed move lower would open $63.93 next, a Fibonacci projection point, while on the upside firm resistance is at $71.56, the 20-day EMA.
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