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COMMODITIES: Crude, Gold Dip Amid Stronger Dollar

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Crude has edged lower today, with pressure from a stronger USD dollar as the market quietens down towards the Christmas period.
  • WTI Feb 25 is down by 0.2% at $69.3/bbl.
  • Earlier, Roi Kais at Kan reported on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a Gaza ceasefire-for-hostage deal, "but there are still issues in dispute."
  • A bearish threat in WTI futures remains present and sights are still on $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has declined by 0.5% today to $2,611/oz.
  • The sharp move lower in gold last week undermined the recent bullish theme, and 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 and this suggests that the recent sell-off is likely a correction. Initial pivot resistance is $2,639.9, the 20-day EMA.
  • Copper has also dipped by 0.2% to $409/lb, keeping the red metal close to its lowest levels since last August.
  • 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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  • Crude has edged lower today, with pressure from a stronger USD dollar as the market quietens down towards the Christmas period.
  • WTI Feb 25 is down by 0.2% at $69.3/bbl.
  • Earlier, Roi Kais at Kan reported on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a Gaza ceasefire-for-hostage deal, "but there are still issues in dispute."
  • A bearish threat in WTI futures remains present and sights are still on $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
  • Meanwhile, spot gold has declined by 0.5% today to $2,611/oz.
  • The sharp move lower in gold last week undermined the recent bullish theme, and 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 and this suggests that the recent sell-off is likely a correction. Initial pivot resistance is $2,639.9, the 20-day EMA.
  • Copper has also dipped by 0.2% to $409/lb, keeping the red metal close to its lowest levels since last August.
  • A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.