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Safe Haven Demand Drives Gold To Fresh Record High, WTI Rallies

COMMODITIES
  • Spot gold has extended its gains, with the yellow metal rising by another 1.0% to a fresh record high of $2,748/oz, as the approaching US election and ongoing geopolitical tensions continue to drive safe haven demand.
  • Technicals for gold remain bullish, with sights on $2,767.1 and $2,785.3 next, Fibonacci projection points.
  • Haven demand has also underpinned a 2.9% rally in silver today, to $34.8/oz, its highest level since October 2012.
  • With bullish conditions remaining intact, the rally signals scope for an extension towards $35.167, a Fibonacci projection.
  • Meanwhile, WTI crude has also rallied today, although it has eased back from the intraday high of $72.66/bbl.
  • As the market remains on edge surrounding Israel’s retaliation on Iran, media reports suggest that Israel will not strike energy facilities.
  • Al-Monitor is reporting that the US and Israel have come to a 'quiet understanding' that Israel will refrain from striking Iran's oil industry and nuclear facilities in return for Washington accelerating arms shipments.
  • WTI Nov 24 is up 2.3% at $72.2/bbl.
  • WTI futures have pierced initial resistance at $72.07, the 50-day EMA, refocusing attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume the recent uptrend.
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