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COMMODITIES: Gold Gains With Reciprocal Tariff Announcement, Copper Rallies

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Spot gold has extended gains following President Trump’s tariff announcements, with the yellow metal currently up by 0.8% on the session at $2,926/oz.
  • Trump signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis in an effort to rebalance trade relations.
  • President Trump’s reciprocal tariffs will not go into effect today and could start by April 2.
  • A bull cycle in gold remains in play, with sights on $2,962.2, a Fibonacci projection.
  • Meanwhile, crude fell earlier in the session amid signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks, before recovering losses as the dollar weakened following delays to Trump’s reciprocal tariffs.
  • WTI MAR 25 is broadly unchanged at $71.3/bbl.
  • WTI futures have pulled back from Tuesday’s high, with attention on $70.43, the Feb 6 low.
  • This has been pierced and a clear break would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low.
  • Copper has extended gains today, with the red metal up by a further 1.6% to $478/lb, the highest level since Sep 30.
  • Copper futures remain in a bull cycle, with sights on $480.00, the Sep 30 high and bull trigger. Above here, next resistance is at $489.60, the May 28 ’24 high.
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  • Spot gold has extended gains following President Trump’s tariff announcements, with the yellow metal currently up by 0.8% on the session at $2,926/oz.
  • Trump signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis in an effort to rebalance trade relations.
  • President Trump’s reciprocal tariffs will not go into effect today and could start by April 2.
  • A bull cycle in gold remains in play, with sights on $2,962.2, a Fibonacci projection.
  • Meanwhile, crude fell earlier in the session amid signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks, before recovering losses as the dollar weakened following delays to Trump’s reciprocal tariffs.
  • WTI MAR 25 is broadly unchanged at $71.3/bbl.
  • WTI futures have pulled back from Tuesday’s high, with attention on $70.43, the Feb 6 low.
  • This has been pierced and a clear break would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low.
  • Copper has extended gains today, with the red metal up by a further 1.6% to $478/lb, the highest level since Sep 30.
  • Copper futures remain in a bull cycle, with sights on $480.00, the Sep 30 high and bull trigger. Above here, next resistance is at $489.60, the May 28 ’24 high.