COMMODITIES: Fade in WTI Futures Wednesday Confirms Presence of Bear Threat
WTI futures traded firmer Wednesday, before fading into the close and confirming the still-present bear threat. Earlier this week, price pulled back from the recent high and has again traded below the 50-day EMA - at $71.62. Attention is on $70.20 (pierced), the Feb 6 low. A clear break of it would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $67.75, the Dec 20 ‘24 low. Key S/T resistance has been defined at $74.06, the Feb 3 high. A move above this level would reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal continues to hold on to the bulk of its recent gains. Fresh highs once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2833.2, the 20-day EMA.
- WTI Crude down $0.11 or -0.15% at $71.91
- Natural Gas down $0.07 or -1.71% at $4.209
- Gold spot up $18.96 or +0.65% at $2951.92
- Copper up $4.5 or +0.98% at $465.75
- Silver up $0.4 or +1.22% at $33.0926
- Platinum up $6.15 or +0.63% at $981.93
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COMMODITIES: Gold Pierces Key Short-Term Resistance, Strengthening Bullish Theme
The trend structure in WTI futures remains bullish and recent gains reinforce current conditions. The latest strong impulsive climb has resulted in a breach of $75.91, the Oct 8 high. Attention is on $79.48, the Apr 12 ‘24 high. A clear break of this hurdle would strengthen the bullish theme and open 80.63, a Fibonacci projection. On the downside, a reversal lower would expose the 20-day EMA, at $73.89, a key short-term support. Gold is trading higher today. The yellow metal has pierced resistance at 2726.2, the Dec 12 high and a key short-term resistance. A clear breach of this hurdle would strengthen a bullish theme and signal scope for an extension higher near-term. This would expose $2790.1, the Oct 31 all-time high. On the downside, first support to watch is $2653.4, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.
- WTI Crude down $1.34 or -1.72% at $76.48
- Natural Gas down $0.07 or -1.77% at $3.878
- Gold spot up $14.5 or +0.54% at $2724.01
- Copper down $8.5 or -1.95% at $428.25
- Silver down $0.07 or -0.22% at $30.4855
- Platinum down $8.37 or -0.88% at $938.87
EQUITIES: Bull Cycle in Eurostoxx 50 Futures Remains Intact
A bull cycle in the Eurostoxx 50 futures contract remains intact. Last week’s climb resulted in a breach of 5054.00, the Jan 8 high, to confirm a resumption of the uptrend. The contract is holding on to its gains. The focus is on a climb towards 5215.87, a Fibonacci projection point. Key short-term support has been defined at 4931.00, the Jan 13 low. A break of this level would be bearish. S&P E-Minis are trading higher, marking an extension of last week’s bull phase. The move higher undermines the recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. Clearance of 6107.50 would strengthen a bullish theme. Key support has been defined at 5809.00, the Jan 13 low. A reversal lower and a breach of this level would reinstate a bear theme.
- Japan's NIKKEI closed higher by 125.48 pts or +0.32% at 39027.98 and the TOPIX ended 2.23 pts higher or +0.08% at 2713.5.
- Elsewhere, in China the SHANGHAI closed lower by 1.755 pts or -0.05% at 3242.623 and the HANG SENG ended 180.74 pts higher or +0.91% at 20106.55.
- Across Europe, Germany's DAX trades lower by 24.6 pts or -0.12% at 20967.06, FTSE 100 higher by 11.59 pts or +0.14% at 8532.26, CAC 40 up 7.73 pts or +0.1% at 7741.23 and Euro Stoxx 50 down 2.57 pts or -0.05% at 5161.87.
- Dow Jones mini up 138 pts or +0.32% at 43835, S&P 500 mini up 21.5 pts or +0.36% at 6055, NASDAQ mini up 89.5 pts or +0.41% at 21685.
GILT SYNDICATION: 4.375% Jan-40 gilt: Spread set
- Spread set 4.25% Sep-39 gilt +4.00bp (Guidance was +4.00/+4.25bps)
- Size: GBP Benchmark (MNI expect GBP5.0-6.5bln)
- Books in excess of GBP115bln (inc JLN interest of GBP7bln)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- Timing: Books to close at 10:00GMT, today’s business
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