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COMMODITIES: Gold Hits Record High, Silver Outperforms, WTI Rangebound

COMMODITIES
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  • Spot gold has risen to a fresh record high today, aided by continued haven demand and a weaker dollar, amid ongoing tariff uncertainty and softer-than-expected US GDP data.
  • The yellow metal is currently up by 1.3% at $2,794/oz, having reached a high of $2,798.6 earlier in the session.
  • A bull cycle in gold is in play, with sights on the $2,800 handle next, followed by $2,817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Silver is outperforming again today, with the precious metal up by 2.4% at $31.6/oz, bringing the gold silver ratio down to 88.4, its lowest since Jan 17.
  • For silver, the latest move higher suggests scope for a continuation near-term, with eyes on key resistance at $32.338, the Dec 12 high.
  • Meanwhile, WTI has struggled for clear direction today. Support comes from the weaker USD, while speculation about the chances of tariffs on Canadian and Mexican oil imports into the US from Feb 1 is sparking uncertainty.
  • WTI Mar 25 is 0.3% higher at $72.8/bbl.
  • WTI remains lower on the week, marking an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.26.
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  • Spot gold has risen to a fresh record high today, aided by continued haven demand and a weaker dollar, amid ongoing tariff uncertainty and softer-than-expected US GDP data.
  • The yellow metal is currently up by 1.3% at $2,794/oz, having reached a high of $2,798.6 earlier in the session.
  • A bull cycle in gold is in play, with sights on the $2,800 handle next, followed by $2,817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Silver is outperforming again today, with the precious metal up by 2.4% at $31.6/oz, bringing the gold silver ratio down to 88.4, its lowest since Jan 17.
  • For silver, the latest move higher suggests scope for a continuation near-term, with eyes on key resistance at $32.338, the Dec 12 high.
  • Meanwhile, WTI has struggled for clear direction today. Support comes from the weaker USD, while speculation about the chances of tariffs on Canadian and Mexican oil imports into the US from Feb 1 is sparking uncertainty.
  • WTI Mar 25 is 0.3% higher at $72.8/bbl.
  • WTI remains lower on the week, marking an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.26.