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Free AccessCOMMODITIES: WTI Crude, Spot Gold Extend Gains
- WTI has extended its gains today and is trading at its highest level since Nov 8, supported by ongoing geopolitical tensions.
- WTI Jan 25 is up by 1.7% at $71.3/bbl, taking total gains this week to 6.6%.
- Besides the ratcheting up of tensions in Ukraine, the oil market is still complacent about geopolitical risks posed by an extension of sanctions against Iran and Russia, according to analysts at Rapidan Energy.
- Despite trading higher this week, initial firm resistance for WTI futures at $72.41, the Nov 7 high, remains intact. Above here, key short-term resistance is at $77.04, the Oct 8 high.
- Meanwhile, spot gold has risen for a fifth consecutive session on Friday, with the yellow metal up by another 1.5% at $2,710/oz.
- The move takes total gains this week to more than 5.7%, which would be the biggest weekly increase since March of last year, according to Bloomberg.
- Analysts at Saxo Bank say that the renewed safe haven demand has injected fresh momentum back into the market, after the early November correction.
- With gold’s reversal higher extending, the yellow metal has pierced $2,710.4, the Nov 11 high today, opening $2,730.4, a Fibonacci retracement.
- Copper remains an outlier, with the red metal down by another 0.9% today, to $413/lb, amid further gains in the US dollar.
- A continuation lower would open $401.35, the Aug 7 low and a bear trigger.
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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.