COMMODITIES: Crude Lower, Precious Metals Decline
Feb-10 19:55
- Crude has edged lower on Tuesday as the next development in US-Iran nuclear negotiations is awaited.
- WTI Mar 26 is down 0.3% at $64.2/bbl.
- President Trump is meeting the Israeli PM tomorrow, with the date for the next US Iran meeting yet to be finalised. Meanwhile, Axios reports that the US might send a second carrier group to the Middle East to prepare for military action if negotiations with Iran fail.
- A bull cycle in WTI futures remains intact, although the reversal from the Jan 29 high continues to highlight a corrective cycle.
- Attention is on support at the 20-day EMA, at $62.16. Key resistance has been defined at $66.48, the Jan 30 high.
- Elsewhere, precious metals have declined today, despite much broader stability in the US dollar, with gold down by 0.6% at $5,028/oz and silver falling by 2.6% to $81.2/oz.
- For gold, a continuation lower would refocus attention on $4,661.0 initially, the Feb 3 low. On the upside, initial resistance is at $5,091.6, the Feb 4 high, followed by $5,139.9, a Fibonacci retracement level.
- For silver, a sharp sell-off last week confirms a resumption of the bear leg that started on Jan 29. The metal has traded through both the 20- and 50-day EMAs, signalling scope for a deeper retracement.
- Sights are on $61.136 next, a Fibonacci projection. Initial resistance is at 87.255, the 20-day EMA.
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AUSSIE 3-YEAR TECHS: (H6) Recovery Mode
Jan-10 22:45
- RES 3: 97.796 - 1.618 proj of the Sep 3 - 12 - 15 price swing
- RES 2: 96.780 - High Jun 26 (cont)
- RES 1: 96.700 - High Sep 12
- PRICE: 95.890 @ 16:40 GMT Jan 9
- SUP 1: 95.740 - Low Dec 22
- SUP 2: 95.480 - Low 1st Nov ‘23
- SUP 3: 94.932 - 1.0% 10-dma envelope
Prices bounced again Thursday, supported by strength in global bond markets and a smoother inflation picture at the December CPI print. As such, prices edged further away from recent lows. Nonetheless, slower pricing for additional RBA easing - and partial pricing for a return to rate hikes in 2026 - should keep the front-end of the curve under pressure. This keeps prices well below prior resistance at 96.615, the Sep 12 high, and refocuses attention on 95.480 as the next major support.
MNI: MNI TEST 02, Please Ignore
Jan-09 23:36
Test Test TEST
MNI: MNI Test, Please Ignore
Jan-09 23:30
Test, ignore
