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COMMODITIES: Crude Extends Rally, Precious Metals Gain

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Crude front month traded higher on the day, as US stock draws weigh against weaker Chinee economic data.
  • WTI Feb 25 rose by 2.3% to $73.4/bbl.
  • Concern for a potential surplus in 2025 is weighed against geopolitical risks with uncertainty over the impact of the Trump presidency on US and Iran output and on tariffs.
  • For WTI futures, initial firm resistance at $71.97, the Nov 7 high, has been pierced. A clear breach of this level would refocus attention on key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has risen by 1.2% to $2,655/oz, bringing the yellow metal to its highest level since Dec 17.
  • Analysts at Kotak securities believe that sustained buying by central banks and geopolitical uncertainties will keep gold in focus as a preferred safe haven asset, despite the Fed’s cautious tone.
  • Gold has now risen above initial pivot resistance at $2,637.5, the 50-day EMA, with sights on $2,664.5 next, the Dec 16 high.
  • Silver is outperforming today, with the precious metal up by 1.8% at $29.4/oz, bringing the gold-silver ratio down from the 10-month high reached on Dec 31.
  • However, silver remains below support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement. Key resistance has been defined at $32.338, the Dec 12 high.
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  • Crude front month traded higher on the day, as US stock draws weigh against weaker Chinee economic data.
  • WTI Feb 25 rose by 2.3% to $73.4/bbl.
  • Concern for a potential surplus in 2025 is weighed against geopolitical risks with uncertainty over the impact of the Trump presidency on US and Iran output and on tariffs.
  • For WTI futures, initial firm resistance at $71.97, the Nov 7 high, has been pierced. A clear breach of this level would refocus attention on key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has risen by 1.2% to $2,655/oz, bringing the yellow metal to its highest level since Dec 17.
  • Analysts at Kotak securities believe that sustained buying by central banks and geopolitical uncertainties will keep gold in focus as a preferred safe haven asset, despite the Fed’s cautious tone.
  • Gold has now risen above initial pivot resistance at $2,637.5, the 50-day EMA, with sights on $2,664.5 next, the Dec 16 high.
  • Silver is outperforming today, with the precious metal up by 1.8% at $29.4/oz, bringing the gold-silver ratio down from the 10-month high reached on Dec 31.
  • However, silver remains below support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement. Key resistance has been defined at $32.338, the Dec 12 high.