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COMMODITIES: Gold Extends Gains, Copper Outlook Remains Bullish, WTI Falls

COMMODITIES
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  • Gold rose to a fresh record high earlier in Wednesday’s session before paring gains, with the yellow metal currently up by 0.9% at $2,868/oz.
  • Earlier in the session, gold reached a high of $2,882 on the back of a further pullback in the US dollar and continued haven demand amid ongoing geopolitical and tariff uncertainty.
  • With a bull cycle in gold still in play, sights are on $2,889.9 next, a Fibonacci projection, followed by round number resistance at the $2,900 level.
  • Meanwhile, copper has also rallied by 2.3% today to $445/lb, taking the red metal to its highest level since Jan 17.
  • Copper remains in a bull cycle, with gains this week taking it through $433.50, the Dec 12 high. The break of this level highlights a reversal and opens $452.85, the Nov 5 ‘24 high and a key resistance.
  • Next resistance above here is $469.30, the Oct 3 high.
  • Crude has extended earlier losses following a large US crude stocks build and with pressure from signs of increasing global trade friction.
  • WTI Mar 25 is down by 2.2% at $71.1/bbl.
  • According to the EIA weekly US petroleum summary, crude stocks rose by 8,664mn w/w vs. an expected +1,034mn
  • WTI futures have pierced support around the 50-day EMA, at $72.27, a clear break of which would open $68.05, the Dec 20 low.
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  • Gold rose to a fresh record high earlier in Wednesday’s session before paring gains, with the yellow metal currently up by 0.9% at $2,868/oz.
  • Earlier in the session, gold reached a high of $2,882 on the back of a further pullback in the US dollar and continued haven demand amid ongoing geopolitical and tariff uncertainty.
  • With a bull cycle in gold still in play, sights are on $2,889.9 next, a Fibonacci projection, followed by round number resistance at the $2,900 level.
  • Meanwhile, copper has also rallied by 2.3% today to $445/lb, taking the red metal to its highest level since Jan 17.
  • Copper remains in a bull cycle, with gains this week taking it through $433.50, the Dec 12 high. The break of this level highlights a reversal and opens $452.85, the Nov 5 ‘24 high and a key resistance.
  • Next resistance above here is $469.30, the Oct 3 high.
  • Crude has extended earlier losses following a large US crude stocks build and with pressure from signs of increasing global trade friction.
  • WTI Mar 25 is down by 2.2% at $71.1/bbl.
  • According to the EIA weekly US petroleum summary, crude stocks rose by 8,664mn w/w vs. an expected +1,034mn
  • WTI futures have pierced support around the 50-day EMA, at $72.27, a clear break of which would open $68.05, the Dec 20 low.