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Gold Clears Key Resistance And Crude Takes Step Closer To Bull Trigger

COMMODITIES
  • WTI rallied off earlier lows during US trading amid a large crude draw for decade low stock levels. Tight market and concerns over escalation in the Middle East add further support.
  • The US plans some oil-related sanctions relief for Venezuela beginning almost immediately in response to Tuesday’s election deal between Venezuela govt and opposition, according to a senior state dept official. The US is issuing licenses to broadly ease sanctions on Venezuela’s oil and gas sector, including its business with Caribbean nations.
  • The Iranian Foreign Minister Hossein Amirabdollahian calls for a “full and immediate boycott” of Israel by Muslim countries, the expulsion of Israeli ambassadors and an oil embargo against Israel, according to statement by ministry on Telegram.
  • OPEC is not planning to hold an extraordinary meeting or to take immediate action following calls by Iran for Muslim countries to impose an oil embargo on Israel, according to Reuters’ sources.
  • WTI is +2.0% at $88.42, off an earlier high of $89.88 which pushed through $89.59 (Oct 4 high) to open a bull trigger at $95.03 (Sep 28 high).
  • Brent is +1.7% at $91.46, off a high of $93.00 which took a step closer to a bull trigger at $95.35 (Sep 28 high).
  • Gold is +1.5% at $1951.00 as geopolitical risk dominates a further climb for US Treasury yields and renewed USD strength. It cleared a key resistance at $1953.0 (Sep 1 high) to open $1965.5 (61.8% retrace of May 4 – Oct 6 bear leg), coming close with a high of $1962.64 before it was helped lower by headlines of Gaza humanitarian aid being allowed to pass from Egypt.
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