COMMODITIES: Crude Rises Amid Sanction Threat, Silver Extends Gains
Dec-17 19:53
- Crude markets have found support from US plans to introduce further Russia sanctions if Putin does not agree to a peace deal, alongside a US move to blockade all sanctioned tankers from leaving and entering Venezuela.
- WTI Jan 26 is up by 1.4% at $56.1/bbl.
- The US is considering options such as targeting shadow fleet vessels used to transport Russian oil, as well as traders who facilitate the transactions, Bloomberg reports.
- The Venezuela blockade comes amid an escalating campaign by the Trump administration that has included a ramped-up military activity in the Caribbean.
- Despite today’s gains, a bearish theme in WTI futures remains intact. A key support and the bear trigger at $55.99, the Oct 20 low has been breached, opening $53.53.
- On the upside, initial resistance is at $59.14, the 50- day EMA.
- Elsewhere, precious metals have also risen today amid the escalating tensions between the US and Venezuela. While gold is up by 0.7% at $4,333/oz, silver has notably outperformed, with price currently 4.1% higher at $66.3/oz.
- Silver remains supported by a continued squeeze in physical markets, which has seen price rise ~10% since Nov 4 lows.
- From a technical perspective, a bullish theme in gold remains intact, with attention on key resistance and the bull trigger at $4,381.5, the Oct 20 high.
- For silver, today’s extension reinforces the current bull theme, with sights on $68.397 next, a Fibonacci projection.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDJPY TECHS: Builds on Recent Gains
Nov-17 19:30
- RES 4: 156.75 High Jan 23
- RES 3: 155.89 High Feb 3
- RES 2: 155.53 2.00 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 1: 155.30 High Nov 17
- PRICE: 155.14 @ 16:10 GMT Nov 17
- SUP 1: 153.30 20-day EMA
- SUP 2: 152.82 Low Nov 7
- SUP 3: 151.43 50-day EMA
- SUP 4: 150.47 Low Oct 21
USDJPY is building on recent gains to top the 155.00 handle and expose higher levels. This firms the bullish trend structure having breached 154.48, the Nov 4 high and bull trigger. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 155.53, a Fibonacci projection. Initial support to watch is 153.30, the 20-day EMA.
MNI EXCLUSIVE: Former Senior Fed Board Economist On Monetary Policy
Nov-17 19:14
MNI interviews former senior Fed board economist on monetary policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
US STOCKS: Back to Extending Session Lows
Nov-17 19:13
- Couple of large program sales, one appr 1,470 names - largest since late October, sees the DJIA fall to 46,712.19 low.
- Chip makers continue to lead late session declines (Dell -8.79%, Hewlett PAckard Ent -8.59%, Super Micro -6.47%), followed by Energy and Financial names.
Related bullets
Related by topic
Metals
Gasoil
Oil Positioning
OPEC
Gasoline
Diesel
Energy Data
US Natgas
US
TTF ICE
Asia LNG
Asia
Gas Positioning
