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Spot Gold Edges Higher On Geopolitical Tensions

COMMODITIES
  • Spot gold rose by 1.1% to $2,370/oz on Monday, as geopolitical tensions in the middle east continued to drive safe haven demand.
  • Although down from Friday’s record intra-day high of $2,431.5, the trend condition in gold remains bullish. The next objective is $2452.5, a Fibonacci projection. Initial firm support is at $2264.8, the 20-day EMA.
  • Meanwhile, silver outperformed today, rising by 3.1% to $28.7/oz. This brought the gold/silver ratio down further, to its lowest level since early December.
  • Crude prices are marginally lower on the day, having tapered their losses amid the continued tensions between Israel and Iran.
  • WTI May 24 is down 0.3% at $85.4/bbl.
  • The Iranian attack on Israel was well known about prior to its launch, leading to a lack of price impact on Monday, according to analysts. Iran’s strike on Israel is also not expected to disrupt oil markets.
  • For WTI futures, the bull theme remains intact, with the next objective at $89.08, a Fibonacci projection. Initial firm support to watch lies at $83.70, the 20-day EMA.
  • Henry Hub has fallen further on the day to its lowest level since March 26, amid further curtailed LNG flows and limited heating and cooling demand.
  • US Natgas May 24 is down 4.5% at $1.69/mmbtu
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