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COMMODITIES: Gold Trend Structure Remains Bullish, Crude Ticks Higher

COMMODITIES
  • Spot gold has risen by another 1.2% to $2,692/oz today, taking total gains so far this week to 2.2%.
  • The move brings the yellow metal to its highest level since Nov 25, amid on-going uncertainties in the middle east, narrowing the gap to resistance at $2,721.4, the Nov 25 high.
  • Clearance of this resistance level would highlight a bullish short-term development, opening $2,730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg.
  • Silver is also up by a further 0.5% to $32.0/oz.
  • Despite a recovery in price, the bear cycle in silver that started Oct 23 remains in play and gains are considered corrective - for now.
  • The 50-day EMA, at $31.212, has been pierced, exposing $33.125, the Nov 1 high.
  • Meanwhile, copper is unchanged today at $427/lb, after gaining yesterday on the Chinese stimulus news.
  • A bearish trend condition in copper futures remains intact and gains are considered corrective - for now. Key short-term resistance is $452.85, Nov 5 high.
  • Elsewhere, crude markets have erased most of their earlier gains to be slightly higher as US close approaches. Recent support from a further Chinese stimulus in 2025, coupled with the middle east uncertainties are weighed against a weaker demand outlook.
  • WTI Jan 25 is up 0.3% at $68.6/bbl.
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