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COMMODITIES: Gold Extends Gains, Crude Edges Down

COMMODITIES
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  • Spot gold has risen by a further 0.4% to $2,756/oz on Wednesday, bringing the yellow metal to its highest level since October 31.
  • The gains come as President Trump widened his tariff threats to include China and the EU, with talk of a 10% tariff being imposed on China.
  • The clear break of key short-term resistance at $2,726.2, the Dec 12 high, this week strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2,790.1, the Oct 31 all-time high.
  • Meanwhile, WTI lost some ground on the day, with outages on the US gulf coast bearish for oil. However, it has struggled for clear direction, with earlier movement driven by Trump comments towards the war in Ukraine.
  • WTI Mar 25 is down by 0.5% at $75.4/bbl.
  • The prospect of 25% tariffs on imports from Canada starting February 1 is an upside risk to US fuel prices.
  • The trend structure in WTI futures remains bullish despite the latest pullback, with attention on $79.48, the Apr 12 ‘24 high.
  • Support to watch is the 20-day EMA, at $74.20.
  • Henry Hub has surged today, supported by updated weather forecasts of colder temperatures ahead.
  • US Natgas Feb 25 is up by 5.8% at $3.97/mmbtu.
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  • Spot gold has risen by a further 0.4% to $2,756/oz on Wednesday, bringing the yellow metal to its highest level since October 31.
  • The gains come as President Trump widened his tariff threats to include China and the EU, with talk of a 10% tariff being imposed on China.
  • The clear break of key short-term resistance at $2,726.2, the Dec 12 high, this week strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2,790.1, the Oct 31 all-time high.
  • Meanwhile, WTI lost some ground on the day, with outages on the US gulf coast bearish for oil. However, it has struggled for clear direction, with earlier movement driven by Trump comments towards the war in Ukraine.
  • WTI Mar 25 is down by 0.5% at $75.4/bbl.
  • The prospect of 25% tariffs on imports from Canada starting February 1 is an upside risk to US fuel prices.
  • The trend structure in WTI futures remains bullish despite the latest pullback, with attention on $79.48, the Apr 12 ‘24 high.
  • Support to watch is the 20-day EMA, at $74.20.
  • Henry Hub has surged today, supported by updated weather forecasts of colder temperatures ahead.
  • US Natgas Feb 25 is up by 5.8% at $3.97/mmbtu.