COMMODITIES: Gold Gains With Reciprocal Tariff Announcement, Copper Rallies

• RES 4: 111-20+ High 6 and the bull trigger 
• RES 3: 110-25   High Dec 12   
• RES 2: 109-24+ 50-day EMA  
• RES 1: 108-21+/109-06 20-day EMA / High Dec 31 
• PRICE:‌‌ 107-11+ @ 19:33 GMT Jan 14
• SUP 1: 107-06   Low Jan 13   
• SUP 2: 107-04   Low Apr 25 ‘24 and a key support  
• SUP 3: 107-00   Round number support
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

The trend condition in Treasury futures is unchanged and the needle points south. Monday’s bearish start to the week, has once again, confirmed a resumption of the downtrend. Sights are on 107-04 next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 108-21+, the 20-day EMA. Gains would be considered corrective.

• WTI crude prices are easing lower today as prices readjust following a rally up to a high of $79.27/bbl yesterday. Recent gains have been driven by fresh US sanctions on Russia.
• WTI Feb 25 is down by 1.4% at $77.7/bbl.
• The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on Jan 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
• Meanwhile, a potential drop in supply from sanctions against Russia and Iran are challenging the possibility of a market surplus this year, as previously forecast by some analysts.
• The trend structure in WTI futures remains bullish, with sights on $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.16.
• Spot gold has risen by 0.4% to $2,673/oz today.
• UBS analysts expect gold to hit a fresh record high this year amid trade and geopolitical uncertainties, forecasting the yellow metal to reach $2,850 by year-end.
• While recent gains in gold appear corrective for now, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term.
• A stronger recovery would open $2,726.2, the Dec 12 high and an important resistance. 

• Date $MM Issuer (Priced *, Launch #)
• 01/14 $3.5B *British Colombia 3Y SOFR+45
• 01/14 $3B *KFW +5Y +40
• 01/14 $2.5B #BNG Bank 5Y SOFR+47
• 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
• 01/14 $2B #Adobe $800M 3Y +30, $700M 5Y +40, $500M 10Y +55
• 01/14 $2B *CAF 5Y SOFR+82
• 01/14 $2B *IFC 3Y SOFR+29
• 01/14 $1.25B #BFCM $900M 5Y +95, $350M 5Y SOFR+123
• 01/14 $500M Blackstone Private Cr Fund 7Y +170
• 01/14 $500M #Hyundai 3Y +80