October 21, 2024 18:54 GMT
COMMODITIES: WTI Climbs, Spot Gold Registers Another All-Time High
COMMODITIES
- WTI has climbed today, although it remains within Friday’s trading range. The Middle East conflict continues to be monitored closely as it prepares for Israel’s retaliation against Iran.
- WTI Nov 24 is up 2.0% at $70.6/bbl.
- For WTI futures, initial resistance is seen at $72.07, the 50-day EMA. A continuation of gains would refocus attention on the key short-term resistance at $78.46, the Oct 8 high.
- On the other hand, an extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low.
- Meanwhile, spot gold has edged down by 0.1% to $2,719/oz today, having risen to a fresh record high of $2,740.6 earlier in the session.
- There was no obvious headline for the pullback from the highs, as higher Treasury yields and the bid in the dollar started to reassert themselves.
- Technicals remain bullish, with sights on $2,767.1 next, the 3.236 projection of the Jul 25 - Aug 2 - Aug 5 price swing.
- Copper has also fallen by 0.6% today, to $436/lb, unwinding most of the gain from Friday’s session.
- The red metal remains 9% below the end-September high, amid uncertainty over the strength of Chinese demand.
- Copper futures remain in a short-term bear-mode condition and a clear breach of the 50-day EMA, at $436.66, would signal scope for a deeper retracement and open $415.93, a Fibonacci retracement point.
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