Fundamentals, Oil & Gold

Gold Rally Accelerates, Oil Bounces On Dollar Weakness

Commodities – Energy

Oil Bounces, Risk Trends and US Dollar Outlook Key Ahead

Crude Oil (WTI)       $77.25       -$0.71       -0.91%
Oil rebounded from support near the bottom of a falling channel that has confined trading since late October to find resistance in familiar territory ahead of the $78 level. Liquidity has thinned out ahead of the US Thanksgiving holiday with nothing on the economic or the earnings calendars to guide risk sentiment, opening the door for knee-jerk volatility into the end of the trading week.

Commodities – Metals

Gold Rally Accelerates, Silver Technical Positioning Points Lower

Gold       $1192.55       +$0.75        +0.06%
Gold prices have pushed above resistance at the top of a rising channel that has confined trading since the beginning of the month, hitting a new record high. The psychologically significant $1200 level looms ahead. The fundamental docket is empty ahead of the US Thanksgiving holiday, with risk trends and US Dollar sentiment the only catalysts of note.

Silver       $18.76       -$0.09        -0.48%
Silver technical positioning continues to point to a bearish reversal, with prices showing sharp negative divergence with the RSI momentum gauge below key psychological resistance at the $19 level. The fundamental landscape is much the same as that of gold, with risk trends and the US Dollar being the primary drivers for the near term.