- Spot gold has risen by 1.2% to $2,692/oz on Thursday, unwinding some of yesterday’s losses when the yellow metal fell by over 3% in the aftermath of the US election.
- Citi analysts see gold trading weak in the near-term, but believe that structural drivers remain in place.
- The trend condition in Gold is still bullish and a continuation higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
- On the downside, attention is on a key support at $2,645.4, the 50-day EMA.
- Copper has also rebounded by 4.5% to $444/lb, aided by hopes of further Chinese stimulus measures and a softening of the dollar.
- Key short-term resistance has been defined at $449.30, the Nov 5 high. A break would be a bullish development.
- Meanwhile, WTI has climbed in US hours to the highest level since Oct 14, with no clear headline drivers. The market continues to weigh potential future supply risks – especially for sanctioned barrels - following the US election result.
- WTI Dec 24 is up by 0.9% at $72.4/bbl.
- For WTI futures, initial resistance is at $72.67, the Nov 5 high, which was pierced earlier today. A clear break would refocus attention on the key short-term resistance at $77.70, the Oct 8 high.
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COMMODITIES: Precious Metals, Copper Rise As Dollar Weakens
Last updated at:Nov-07 19:46By: Keith Gyles
Metals+ 15
- Spot gold has risen by 1.2% to $2,692/oz on Thursday, unwinding some of yesterday’s losses when the yellow metal fell by over 3% in the aftermath of the US election.
- Citi analysts see gold trading weak in the near-term, but believe that structural drivers remain in place.
- The trend condition in Gold is still bullish and a continuation higher would refocus attention on the bull trigger at $2,790.1, the Oct 31 high.
- On the downside, attention is on a key support at $2,645.4, the 50-day EMA.
- Copper has also rebounded by 4.5% to $444/lb, aided by hopes of further Chinese stimulus measures and a softening of the dollar.
- Key short-term resistance has been defined at $449.30, the Nov 5 high. A break would be a bullish development.
- Meanwhile, WTI has climbed in US hours to the highest level since Oct 14, with no clear headline drivers. The market continues to weigh potential future supply risks – especially for sanctioned barrels - following the US election result.
- WTI Dec 24 is up by 0.9% at $72.4/bbl.
- For WTI futures, initial resistance is at $72.67, the Nov 5 high, which was pierced earlier today. A clear break would refocus attention on the key short-term resistance at $77.70, the Oct 8 high.
Related bullets
Related by topic
Metals
Gasoil
Marine Oil
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
US Natgas
TTF ICE
Asia LNG
Gas Positioning
