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COMMODITIES: Crude Climbs, Gold Steady, Copper Edges Higher

COMMODITIES
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  • Oil has climbed further today in a thin pre-holiday trading session. Front month remains around the middle of its December range, supported by more positive factors out of the US.
  • WTI Feb 25 is up by 1.6% at $70.3/bbl.
  • The Biden Administration is looking to tighten sanctions on Russia as a parting blow to Putin, the Washington Post reports.
  • For WTI futures, a bearish threat remains present and recent gains are, for now, considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has remained broadly unchanged today, with the yellow metal edging up by 0.2% to $2,617/oz.
  • For gold, a resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low.
  • However, moving average studies are in a bull mode position highlighting a medium-term uptrend. Initial pivot resistance is $2,637.6, the 20-day EMA. A breach of this EMA would be positive for bulls.
  • Copper has risen by 0.6% to $411/lb, although the red metal remains near the bottom of its recent range.
  • Bloomberg reports that speculators have cut their net LME copper bets to an 11-month low.
  • A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.
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  • Oil has climbed further today in a thin pre-holiday trading session. Front month remains around the middle of its December range, supported by more positive factors out of the US.
  • WTI Feb 25 is up by 1.6% at $70.3/bbl.
  • The Biden Administration is looking to tighten sanctions on Russia as a parting blow to Putin, the Washington Post reports.
  • For WTI futures, a bearish threat remains present and recent gains are, for now, considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has remained broadly unchanged today, with the yellow metal edging up by 0.2% to $2,617/oz.
  • For gold, a resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low.
  • However, moving average studies are in a bull mode position highlighting a medium-term uptrend. Initial pivot resistance is $2,637.6, the 20-day EMA. A breach of this EMA would be positive for bulls.
  • Copper has risen by 0.6% to $411/lb, although the red metal remains near the bottom of its recent range.
  • Bloomberg reports that speculators have cut their net LME copper bets to an 11-month low.
  • A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.