COMMODITIES: Gold Close to Recent Highs, Bull Cycle in Play
This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.23. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Gold continues to trade closer to its recent highs. A bull cycle is in play and the recent breach of resistance at $2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2678.5, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.
- WTI Crude down $0.48 or -0.66% at $72.23
- Natural Gas up $0 or +0.06% at $3.173
- Gold spot up $15.26 or +0.55% at $2775.11
- Copper up $1.7 or +0.4% at $429.9
- Silver up $0.18 or +0.6% at $31.04
- Platinum up $9.69 or +1.02% at $959.98
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COMMODITIES: WTI Futures Holding Higher
WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance is unchanged at $71.97. A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low.
- WTI Crude up $0.4 or +0.56% at $71.41
- Natural Gas down $0.14 or -3.51% at $3.799
- Gold spot up $8.09 or +0.31% at $2614.49
- Copper down $3.3 or -0.81% at $405.95
- Silver up $0.01 or +0.05% at $28.961
- Platinum up $8.16 or +0.9% at $912.55
EQUITIES: Bear Threat in E-mini S&P Remains Present
A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now.
- In China the SHANGHAI closed lower by 55.563 pts or -1.63% at 3351.763 and the HANG SENG ended 18.53 pts higher or +0.09% at 20059.95.
- Dow Jones mini up 56 pts or +0.13% at 42977, S&P 500 mini up 17.75 pts or +0.3% at 5976.25, NASDAQ mini up 87.75 pts or +0.41% at 21503.25.
CHINA: CFETS RMB Basket Tweak Drops USD, EUR, JPY Weighting, Adds MOP
China adjust the currency weightings as part of the CFETS RMB Index: Full basket of currencies now composed of 25 currencies, having included the Macau Pataca (MOP) for 2025:
- USD weighting dropped to 18.903% from 19.460%
- EUR weighting dropped to 17.902% from 18.080%
- JPY weighting dropped to 8.584% from 8.963%
Full list found here: https://iftp.chinamoney.com.cn/chinese/zxpl/20241231/3028340.html
