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COMMODITIES: WTI Crude, Spot Gold Extend Gains

COMMODITIES
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  • 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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  • 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.