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COMMODITIES: Precious Metals Rally, WTI Down 5% on Week

COMMODITIES
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  • Spot gold has risen by 0.7% on Friday to $2,775/oz, taking total gains this week to 2.7%
  • Earlier in the session, the yellow metal traded close to its all-time high of $2,790/oz, buoyed by the pullback in the US dollar after President Trump’s comments that he would rather not put tariffs on China.
  • The rally in gold this week strengthens a bullish theme and signals scope for an extension near-term, with sights on the Oct 31 all-time high.
  • A break of this level would open the $2,800 handle, followed by $2,817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Similarly, silver has rallied by 0.8% today to $30.7/oz, taking gains this week to around 1%.
  • The metal is holding on to its latest gains, suggesting scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high.
  • Crude jumped towards rangebound at the US close but is still down around 5% on the week.
  • Overall pressure followed Trump’s comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’. OPEC+ has yet to respond.
  • WTI Mar 25 is down by 0.1% at $74.6/bbl.
  • Support to watch is the 20-day EMA at $74.27, which has been pierced. A clear break would signal scope for a deeper retracement and expose the 50-day EMA, at $72.11.
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  • Spot gold has risen by 0.7% on Friday to $2,775/oz, taking total gains this week to 2.7%
  • Earlier in the session, the yellow metal traded close to its all-time high of $2,790/oz, buoyed by the pullback in the US dollar after President Trump’s comments that he would rather not put tariffs on China.
  • The rally in gold this week strengthens a bullish theme and signals scope for an extension near-term, with sights on the Oct 31 all-time high.
  • A break of this level would open the $2,800 handle, followed by $2,817.6, the 1.236 projection of the Nov 14 - Dec 12 - 19 price swing.
  • Similarly, silver has rallied by 0.8% today to $30.7/oz, taking gains this week to around 1%.
  • The metal is holding on to its latest gains, suggesting scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high.
  • Crude jumped towards rangebound at the US close but is still down around 5% on the week.
  • Overall pressure followed Trump’s comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’. OPEC+ has yet to respond.
  • WTI Mar 25 is down by 0.1% at $74.6/bbl.
  • Support to watch is the 20-day EMA at $74.27, which has been pierced. A clear break would signal scope for a deeper retracement and expose the 50-day EMA, at $72.11.