Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.