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COMMODITIES: Crude Recoups Losses, Precious Metals Decline

COMMODITIES
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  • Spot gold has fallen for a first session in five today, with the yellow metal declining by 1.2% to $2,685/oz.
  • Traders are said to be booking profits after earlier mixed US data, with analysts at Saxo Bank saying that at this time of year when conviction is low, any price reversal will be met with position squaring.
  • Nonetheless, the yellow metal has pierced a key short-term resistance at $2,721.4, the Nov 25 high this week, which represents a positive development.
  • A continuation higher would expose key resistance at $2,790.1, the Oct 31 high.
  • On the downside, first support is at $2,646.5, the 50-day EMA.
  • Silver is underperforming today, down by 2.9% at $31.0/oz, bringing the gold-silver ratio up to its highest since Dec 02.
  • For silver, the bear cycle that started Oct 23 remains in play and a resumption of the bear leg would open $28.446, a Fibonacci retracement.
  • Crude has regained most of its earlier losses, boosted by a Times of Israel story suggesting Israel is continuing its readiness for strikes on Iran.
  • WTI Jan 25 is down by 0.3% at $70.1/bbl.
  • Meanwhile, the OPEC+ delay has materially reduced supply, but the market is still expected to be oversupplied by 1.4mb/d if barrels are returned from April as planned, according to the IEA monthly oil report.
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  • Spot gold has fallen for a first session in five today, with the yellow metal declining by 1.2% to $2,685/oz.
  • Traders are said to be booking profits after earlier mixed US data, with analysts at Saxo Bank saying that at this time of year when conviction is low, any price reversal will be met with position squaring.
  • Nonetheless, the yellow metal has pierced a key short-term resistance at $2,721.4, the Nov 25 high this week, which represents a positive development.
  • A continuation higher would expose key resistance at $2,790.1, the Oct 31 high.
  • On the downside, first support is at $2,646.5, the 50-day EMA.
  • Silver is underperforming today, down by 2.9% at $31.0/oz, bringing the gold-silver ratio up to its highest since Dec 02.
  • For silver, the bear cycle that started Oct 23 remains in play and a resumption of the bear leg would open $28.446, a Fibonacci retracement.
  • Crude has regained most of its earlier losses, boosted by a Times of Israel story suggesting Israel is continuing its readiness for strikes on Iran.
  • WTI Jan 25 is down by 0.3% at $70.1/bbl.
  • Meanwhile, the OPEC+ delay has materially reduced supply, but the market is still expected to be oversupplied by 1.4mb/d if barrels are returned from April as planned, according to the IEA monthly oil report.