Crude oil finished relatively flat through the end of the NYMEX trading session, as dismal US economic data counterbalanced continued geopolitical tensions from the ongoing middle-eastern armed conflict. News of further Israeli attacks on Gaza weighed on trader sentiment, but few seemed willing to force major moves ahead of tomorrow’s important Crude Oil Inventories results.

Commodities - Energy

NYMEX Crude Oil Remains Unchanged Despite Flare-Ups in Israeli-Palestinian Tensions

Crude Oil (WTI) $48.60  -$0.21  -0.43%
Crude oil finished relatively flat through the end of the NYMEX trading session, as dismal US economic data counterbalanced continued geopolitical tensions from the ongoing middle-eastern armed conflict. News of further Israeli attacks on Gaza weighed on trader sentiment, but few seemed willing to force major moves ahead of tomorrow’s important Crude Oil Inventories results. Median forecasts for DOE crude stockpiles call for a buildup of 900,000 barrels—suggesting that supply continues to heavily outstrip demand. A continuation of said trends will, all else remaining equal, keep downward pressure on energy prices. Yet continued geopolitical stress has clearly been enough to offset previously overwhelming crude oil-bearish sentiment. 

Our technical forecast for oil shows that the contract trades above important resistance.

Upcoming Department of Energy Inventories Releases

Commodities - Metals

Gold and Silver Relatively Unchanged on Lackluster COMEX Session

Gold $864.70  +$6.90  +0.80%
COMEX Gold showed fairly significant gains through past weeks of trade, but a sharp reversal at the top of the contract’s medium-term trendline suggests further losses are in store. Previous resistance at the 840 mark now becomes support, while firmer price floors can be found near congestion levels in the 825-830 range. Our short-term bias remains bearish on a hold of trendline resistance near 880.

Silver $11.470  +$0.200  +1.77%
COMEX Silver prices have reversed off of key resistance, suggesting that we may see further weakness through near-term trade. Yesterday’s peak near 11.85 coincides with the 61.8 percent Fibonacci retracement of the 13.74-8.81 move. Continued failure at said mark would confirm that bears maintain the upper hand, while next support can be found at previous troughs near the psychologically significant 10.00 mark.