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COMMODITIES: Crude up 2% on Week, Gold Edges Lower Amid Central Bank Sales

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI is easing back today but remains set for a weekly gain of around 2%. Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates.
  • WTI Feb 25 is down by 1.1% at $77.9/bbl.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs.
  • The trend structure in WTI futures remains bullish and this week’s rally reinforces current conditions. After piercing $80.14, the Apr 12 ‘24 high, sights are on $81.69, a Fibonacci projection.
  • Spot gold has edged down by 0.3% on Friday to $2,706/oz, although the yellow metal remains 0.6% higher on the week.
  • Prices slipped today as Kazakhstan's central bank said it will sell gold on international markets to support the national currency, with estimated annual sales of $6bn.
  • This week’s recovery in gold exposes $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. Initial support is at $2,651.2, the 50-day EMA.
  • Meanwhile, silver is underperforming, with price down by 1.7% today at $30.3/oz, leaving the precious metal marginally lower on the week.
  • A bear cycle in silver that started Oct 23 remains in play for now, with support to watch at $29.509, the Jan 13 low, and $28.748, the Dec 19 low and the bear trigger.
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  • WTI is easing back today but remains set for a weekly gain of around 2%. Support comes as US sanctions impact global supply, redirecting flows and increasing shipping rates.
  • WTI Feb 25 is down by 1.1% at $77.9/bbl.
  • Drawing inventories, strong distillate demand and the latest sanctions impacting Russian oil are supporting energy at present according to Goldman Sachs.
  • The trend structure in WTI futures remains bullish and this week’s rally reinforces current conditions. After piercing $80.14, the Apr 12 ‘24 high, sights are on $81.69, a Fibonacci projection.
  • Spot gold has edged down by 0.3% on Friday to $2,706/oz, although the yellow metal remains 0.6% higher on the week.
  • Prices slipped today as Kazakhstan's central bank said it will sell gold on international markets to support the national currency, with estimated annual sales of $6bn.
  • This week’s recovery in gold exposes $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. Initial support is at $2,651.2, the 50-day EMA.
  • Meanwhile, silver is underperforming, with price down by 1.7% today at $30.3/oz, leaving the precious metal marginally lower on the week.
  • A bear cycle in silver that started Oct 23 remains in play for now, with support to watch at $29.509, the Jan 13 low, and $28.748, the Dec 19 low and the bear trigger.