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COMMODITIES: WTI Crude Falls, Precious Metals Decline Amid Dollar Gain

COMMODITIES
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  • Crude has extended the fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.
  • WTI Dec 24 is down by 2.7% today at $70.4/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • Against the backdrop of a stronger dollar today, spot gold has fallen by 0.8% to $2,686/oz, leaving the yellow metal 1.8% lower on the week.
  • Despite this week’s dip, UBS analysts say that gold will likely see support as a hedge against the inflationary pressures of higher US government borrowing.
  • From a technical perspective, the trend condition remains bullish and the latest pullback is considered corrective.
  • Attention is on a key support at $2,647.4, the 50-day EMA. For bulls, a reversal higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
  • Meanwhile, silver has underperformed, falling by 2.5% today and 3.8% on the week, to $31.2/oz.
  • Copper has also fallen by 2.8% $430/lb, amid disappointment on Chinese stimulus news, which revealed no firm signals of fresh consumption support.
  • For copper, initial support is at $422.60, the Nov 6 low, followed by $415.93, a Fibonacci retracement point. Clearance of this level would strengthen a bearish theme.
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  • Crude has extended the fall on the day but is up around 1.3% on the week. The market is weighing any potential impact of new US energy policies, uncertainty around 2025 OPEC+ production, and abating supply risks associated with Hurricane Raphael.
  • WTI Dec 24 is down by 2.7% today at $70.4/bbl.
  • A bearish theme in WTI futures remains intact, with attention on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • Against the backdrop of a stronger dollar today, spot gold has fallen by 0.8% to $2,686/oz, leaving the yellow metal 1.8% lower on the week.
  • Despite this week’s dip, UBS analysts say that gold will likely see support as a hedge against the inflationary pressures of higher US government borrowing.
  • From a technical perspective, the trend condition remains bullish and the latest pullback is considered corrective.
  • Attention is on a key support at $2,647.4, the 50-day EMA. For bulls, a reversal higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
  • Meanwhile, silver has underperformed, falling by 2.5% today and 3.8% on the week, to $31.2/oz.
  • Copper has also fallen by 2.8% $430/lb, amid disappointment on Chinese stimulus news, which revealed no firm signals of fresh consumption support.
  • For copper, initial support is at $422.60, the Nov 6 low, followed by $415.93, a Fibonacci retracement point. Clearance of this level would strengthen a bearish theme.