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Crude on the Rise, Precious Metals Rebound

COMMODITIES
  • WTI has gained ground after more reassuring US jobless data stemmed some of the growing pessimism for the near-term macroeconomic outlook.
  • WTI Sep 24 is up 1.5% at $76.3/bbl.
  • Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind. Key support lies at $72.23, the Jun 4 low.
  • Spot gold has risen by 1.8% to $2,425/oz today, putting the yellow metal on course for its first gain in six sessions.
  • Recent weakness in gold appears to be a correction. A resumption of gains would open $2,483.7, the Jul 17 high, while support is seen at the 50-day EMA, at $2,377.4.
  • Silver has rallied by 3.4% to $27.5/oz.
  • Initial firm resistance has been defined at $28.967, the 50-day EMA, while key support lies at $26.018, the May 2 low.
  • Platinum has also risen by 2.0% to $936/oz, amidst the further recovery in risk sentiment today.
  • Meanwhile, copper is up by 0.7% at $398/lb, lifting the red metal off the near five-month low reached yesterday.
  • A bear cycle in copper futures remains intact and the clear break of $405.57, 76.4% of the Feb 9 - May 20 bull cycle, opens $372.35, the Feb 9 low. Initial firm resistance is $431.27 the 50-day EMA.
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