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Crude Extends Gains, Precious Metals Rally

COMMODITIES
  • Crude markets have extended their gains to reach their highest level since July 22, with support from Middle East escalation fears and expectations of falling US stocks.
  • WTI Sep 24 is up 3.6% at $79.6/bbl.
  • WTI futures have pierced key near-term resistance at $78.88, the Aug 1 high. The next level to note is $82.27, the Jul 18 high.
  • Spot gold is up by 1.6% to $2,470/oz today, bringing the yellow metal to its highest since Aug 1.
  • Attention is on $2,483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
  • Silver has also rallied by 1.9% to $28.0/oz.
  • For silver, initial firm resistance has been defined at $28.8716, the 50-day EMA.
  • Meanwhile, copper has extended gains on Monday, rising by another 2.1% to $408/lb, lifting the red metal almost 4% from last week’s near 5-month low.
  • A bear cycle in copper futures remains intact, with attention on $372.35, the Feb 9 low. Initial firm resistance is at $429.08, the 50-day EMA.

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