November 11, 2024 19:46 GMT
COMMODITIES: WTI, Precious Metals Fall Amid Soft Chinese Data, USD Gains
COMMODITIES
- WTI fell towards its lowest close since Oct 29 as lacklustre Chinese economic data provides downside pressure.
- WTI Dec 24 is down by 3.3% at $68.0/bbl.
- The latest China stimulus decision disappointed markets as weak Chinese energy demand weighs on prices.
- Meanwhile, Saudi state-run Al Arabiya has reported that according to Lebanese Hezbollah, negotiations have begun to end the war with Israel.
- For WTI futures, a bearish theme in WTI futures remains intact, with the resumption of weakness exposing $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
- Elsewhere, spot gold has fallen by 2.4% to $2,619/oz, taking the yellow metal to its lowest level since October 10.
- Despite the move on the back of the strong US dollar, Deutsche Bank remains bullish on gold long-term, supported by a higher rate of central bank accumulation.
- From a technical standpoint, the trend condition in gold remains bullish and the latest pullback appears corrective.
- However, today’s sell-off has delivered a print below the 50-day EMA, at $2,646.2, turning attention to $2,604.9, the Oct 8 low.
- Silver has also fallen by a further 2.2% to $30.6/oz on Monday, narrowing the gap towards $30.269, a trendline support.
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