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Spot Gold, Copper Rise To Fresh Record Highs

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  • Spot gold is up 0.8% on the day at $2,435/oz, having earlier in the session hit a fresh all-time high of $2,450. There was no headline flow of note, with markets generally shaking off weekend political risk.
  • Having traded through resistance at $2431.5, the Apr 12 high and bull trigger, focus turns to 2452.5 next, a Fibonacci projection.
  • Meanwhile, silver is outperforming again, currently up 2.4% today at $32.3/oz, its highest level since end-2012.
  • Sights are on $33.887 next, a Fibonacci projection. Short-term pullbacks would be considered a correction. A key support zone lies between $27.229-36.948, the 20- and 50-day EMA values.
  • Copper is up another 1.0% at $510/lb, albeit off from its record high of almost $520 reached earlier today.
  • Analysts continue to flag tight supply due to output cuts from smelters in China, even as demand from EV’s and renewables picks up.
  • Copper futures have pierced a key resistance at $503.95, the Mar 2022 high and a clear break would open $520.65, a Fibonacci projection.
  • Crude prices are headed for US close trading lower after reversing much of Friday’s gains. However, they are largely rangebound over the last three days. Traders are awaiting clearer signals for direction ahead of OPEC’s key production meeting in June.
  • WTI Jun 24 is down 0.6% at $79.6/bbl.
  • For WTI futures, scope is seen for a move to $76.07, the Mar 11 low. On the upside, initial firm resistance is at $84.46, the Apr 26 high.
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  • Spot gold is up 0.8% on the day at $2,435/oz, having earlier in the session hit a fresh all-time high of $2,450. There was no headline flow of note, with markets generally shaking off weekend political risk.
  • Having traded through resistance at $2431.5, the Apr 12 high and bull trigger, focus turns to 2452.5 next, a Fibonacci projection.
  • Meanwhile, silver is outperforming again, currently up 2.4% today at $32.3/oz, its highest level since end-2012.
  • Sights are on $33.887 next, a Fibonacci projection. Short-term pullbacks would be considered a correction. A key support zone lies between $27.229-36.948, the 20- and 50-day EMA values.
  • Copper is up another 1.0% at $510/lb, albeit off from its record high of almost $520 reached earlier today.
  • Analysts continue to flag tight supply due to output cuts from smelters in China, even as demand from EV’s and renewables picks up.
  • Copper futures have pierced a key resistance at $503.95, the Mar 2022 high and a clear break would open $520.65, a Fibonacci projection.
  • Crude prices are headed for US close trading lower after reversing much of Friday’s gains. However, they are largely rangebound over the last three days. Traders are awaiting clearer signals for direction ahead of OPEC’s key production meeting in June.
  • WTI Jun 24 is down 0.6% at $79.6/bbl.
  • For WTI futures, scope is seen for a move to $76.07, the Mar 11 low. On the upside, initial firm resistance is at $84.46, the Apr 26 high.