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COMMODITIES: Gold Pares Gains After Hitting Fresh Record High

COMMODITIES
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  • Spot gold has erased most of its earlier gains after White House Press Secretary Leavitt refuted reports that President Trump could delay the implementation of tariffs on Mexico and Canada until March 1.
  • Leavitt said that Trump intends to move ahead with plans to impose 25% tariffs on Mexico and Canada and a 10% levy on China tomorrow.
  • Spot gold is currently 0.2% higher on the day at $2,799/oz, having risen to a fresh record high of $2,817 earlier in the session.
  • A bull cycle in gold remains in play, with the yellow metal reaching resistance at $2,817.6, a Fibonacci projection, earlier. Above here, next resistance is at $2,845.2, the 1.382 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Meanwhile, copper has slid by 1% today to $426/lb, amid the uncertainty on the tariff outlook.
  • Despite the 1.3% pullback this week, copper futures remain in a bull cycle, with price still trading just above the 50-day EMA, at $425.54. Attention is on $452.85 next, the Nov 5 ‘24 high and a key resistance.
  • WTI has struggled for clear direction today, amid the tariff headlines.
  • WTI Mar 25 is 0.3% lower at $72.5/bbl on Friday, taking losses this week to 3%.
  • This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.26, followed by $68.05, the Dec 20 low.
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  • Spot gold has erased most of its earlier gains after White House Press Secretary Leavitt refuted reports that President Trump could delay the implementation of tariffs on Mexico and Canada until March 1.
  • Leavitt said that Trump intends to move ahead with plans to impose 25% tariffs on Mexico and Canada and a 10% levy on China tomorrow.
  • Spot gold is currently 0.2% higher on the day at $2,799/oz, having risen to a fresh record high of $2,817 earlier in the session.
  • A bull cycle in gold remains in play, with the yellow metal reaching resistance at $2,817.6, a Fibonacci projection, earlier. Above here, next resistance is at $2,845.2, the 1.382 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Meanwhile, copper has slid by 1% today to $426/lb, amid the uncertainty on the tariff outlook.
  • Despite the 1.3% pullback this week, copper futures remain in a bull cycle, with price still trading just above the 50-day EMA, at $425.54. Attention is on $452.85 next, the Nov 5 ‘24 high and a key resistance.
  • WTI has struggled for clear direction today, amid the tariff headlines.
  • WTI Mar 25 is 0.3% lower at $72.5/bbl on Friday, taking losses this week to 3%.
  • This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.26, followed by $68.05, the Dec 20 low.