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Spot Gold Extends Rally To Fresh Record Highs

COMMODITIES
  • Spot gold rose to new all-time highs during the session on Friday, notching up gains of close to $40/oz earlier on the day, as it benefited from the fade off highs for the USD, while Middle-East tensions remain front-and-centre.
  • The yellow metal is currently up 1.5% at $2,326/oz, with this latest extension putting prices back into technically oversold territory on the 14-day RSI – although that's been no barrier to the persistent rally in precious metals in recent weeks.
  • Having broken the $2,300 handle, the next objective is $2,329.50, a Fibonacci projection, which was tested in this session.
  • Crude prices have climbed to their highest levels since October and broke through their first resistance levels, up around 5% on the week.
  • Support on the day has come from heightened concerns of a military confrontation between Israel and Iran. A wider Middle-East conflict could affect key supplies of crude.
  • WTI May 24 is up 0.7% at $87.2/bbl.
  • For WTI futures, the next objective is $89.08, a Fibonacci projection, with attention on the $90.00 handle further out. On the downside, initial firm support to watch lies at $81.94, the 20-day EMA.
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