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COMMODITIES: WTI Crude Bull Cycle Extends, Gold Bear Threat Remains

COMMODITIES
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  • Crude has shrugged off earlier losses to head for its highest close since mid October, rising almost 5% on the week.
  • The US crude stock draw helped offset weaker Chinese economic data. A push above the 100-day moving average earlier in the week also spurred bullish sentiment.
  • WTI Feb 25 is up 1.2% today at $74.0/bbl.
  • China data disappointed this week, with the Caixin manufacturing PMI falling to a lower-than-expected 50.5 in December.
  • For WTI futures, the stronger reversal to the upside this week has exposed key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has declined by 0.6% on Friday to $2,643/oz, leaving the yellow metal 0.8% higher on the week.
  • Despite this week’s recovery, a bear threat in gold remains present. The first firm support to watch is $2,583.6, the Dec 19 low.
  • On the upside, a continuation higher would instead signal scope for a climb towards resistance at $2,726.2, the Dec 12 high.
  • In contrast, copper has risen by 1.1% to $407/lb, leaving the red metal 1.2% lower on the week, following the sell-off at the start of the week.
  • That earlier sell-off brought copper briefly below support at $401.35, the Aug 7 low and a bear trigger. A clear break of this support would open $388.86 - 1.382 projection of the Sep 30 - Oct 17 - Nov 5 swing.
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  • Crude has shrugged off earlier losses to head for its highest close since mid October, rising almost 5% on the week.
  • The US crude stock draw helped offset weaker Chinese economic data. A push above the 100-day moving average earlier in the week also spurred bullish sentiment.
  • WTI Feb 25 is up 1.2% today at $74.0/bbl.
  • China data disappointed this week, with the Caixin manufacturing PMI falling to a lower-than-expected 50.5 in December.
  • For WTI futures, the stronger reversal to the upside this week has exposed key short-term resistance at $76.41, the Oct 8 high.
  • Meanwhile, spot gold has declined by 0.6% on Friday to $2,643/oz, leaving the yellow metal 0.8% higher on the week.
  • Despite this week’s recovery, a bear threat in gold remains present. The first firm support to watch is $2,583.6, the Dec 19 low.
  • On the upside, a continuation higher would instead signal scope for a climb towards resistance at $2,726.2, the Dec 12 high.
  • In contrast, copper has risen by 1.1% to $407/lb, leaving the red metal 1.2% lower on the week, following the sell-off at the start of the week.
  • That earlier sell-off brought copper briefly below support at $401.35, the Aug 7 low and a bear trigger. A clear break of this support would open $388.86 - 1.382 projection of the Sep 30 - Oct 17 - Nov 5 swing.