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COMMODITIES: WTI Crude Slips, Silver & Copper Rally

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI is on track for losses today, ending a recent rally. The market is still weighing up sluggish Chinese demand and the eventual return of OPEC barrels against a weaker USD.
  • WTI Feb 25 is down by 0.5% at $73.6/bbl.
  • Last week’s rally in WTI futures has exposed key short-term resistance at $76.41, the Oct 8 high. On the downside, key short-term support is seen at $70.78, the 20-day EMA.
  • By contrast, silver has risen by 1.1% today to $30.0/oz, bringing the gold silver ratio down to its lowest since Dec19.
  • A bear cycle in silver that started Oct 23 remains in play - for now. The metal has recently breached support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement.
  • Key resistance has been defined at $32.338, the Dec 12 high.
  • Meanwhile, copper has rallied by 1.9% to $415/lb, with the red metal buoyed by reports that Trump could pare back his trade tariff policy, which he later denied.
  • A bearish trend condition in copper futures remains intact and the latest recovery appears corrective.
  • The cycle low late December confirmed a resumption of the downtrend and has paved the way for an extension towards $400.00 and $388.86, a Fibonacci projection.
  • Initial firm resistance is $420.05, the 50-day EMA. Key resistance to watch is at $433.50, the Nov 12 high.
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  • WTI is on track for losses today, ending a recent rally. The market is still weighing up sluggish Chinese demand and the eventual return of OPEC barrels against a weaker USD.
  • WTI Feb 25 is down by 0.5% at $73.6/bbl.
  • Last week’s rally in WTI futures has exposed key short-term resistance at $76.41, the Oct 8 high. On the downside, key short-term support is seen at $70.78, the 20-day EMA.
  • By contrast, silver has risen by 1.1% today to $30.0/oz, bringing the gold silver ratio down to its lowest since Dec19.
  • A bear cycle in silver that started Oct 23 remains in play - for now. The metal has recently breached support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement.
  • Key resistance has been defined at $32.338, the Dec 12 high.
  • Meanwhile, copper has rallied by 1.9% to $415/lb, with the red metal buoyed by reports that Trump could pare back his trade tariff policy, which he later denied.
  • A bearish trend condition in copper futures remains intact and the latest recovery appears corrective.
  • The cycle low late December confirmed a resumption of the downtrend and has paved the way for an extension towards $400.00 and $388.86, a Fibonacci projection.
  • Initial firm resistance is $420.05, the 50-day EMA. Key resistance to watch is at $433.50, the Nov 12 high.