Free Trial

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.
211 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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.