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Crude Regains Lost Ground, Gold Rises Further Amidst Middle-East Tensions

COMMODITIES
  • WTI has hit new intraday highs in US hours, erasing losses earlier this week. Tension in the Middle East, a weaker US dollar, and a larger-than-expected draw in US crude stocks have been supportive.
  • WTI Sep 24 is up 4.3% at $78.0/bbl.
  • For WTI bulls, attention is on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high.
  • A continuation lower would open $72.23, the Jun 4 low and the next key support.
  • Meanwhile, spot gold has risen by a further 0.9% today to $2,432/oz, amidst the increase in geopolitical tensions.
  • For bulls, this week’s gains are constructive. A stronger reversal would refocus attention on $2,483.7, the Jul 17 high, and a bull trigger.
  • Initial support is at $2,353.2, the Jul 25 low.
  • Copper has also risen by 2.8% on Wednesday to $420/lb, aided by the weakening of the dollar and hopes of more stimulus measures in China.
  • Analysts also note that there are tentative signs that Chinese buyers are returning to the market, while Rio Tinto says that demand from China for its products remains fairly robust and stable.
  • For copper, initial firm resistance is at $439.3 the 50-day EMA, while on the downside attention is on $405.57, 76.4% of the Feb 9 - May 20 bull cycle.
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