. Weekly Commodity Analysis - Gold $2,051.60, oil up 1%, gas surges, silver $23.35.

Weekly Commodity Analysis – Gold $2,051.60, oil up 1%, gas surges, silver $23.35.

Weekly Commodity Analysis – Gold $2,051.60, oil up 1%, gas surges, silver $23.35.

13 Jan 2024

Introduction

In the Commodity landscape, Gold prices surge amid heightened geopolitical tensions following US/UK airstrikes in Yemen, reaching $2,051.60 per ounce on COMEX. Investors flock to the safe-haven asset amidst uncertainty, triggered by the airstrikes. Meanwhile, oil climbs 1% as tankers divert from the Red Sea after the strikes on Houthi targets. Natural Gas futures rise due to weather-induced demand, and Silver (XAG/USD) soars to near $23.35 on soft US PPI and escalating tensions in the Middle East.

Markets In Focus Today – GOLD

Gold prices climb amid geopolitical tensions after US/UK airstrikes in Yemen.

Gold prices witnessed a significant rise today, as investors turned to the safe-haven asset amidst escalating geopolitical tensions. The uptick in prices follows airstrikes carried out by the United States and the United Kingdom in Yemen. On New York’s COMEX, February futures for gold reached a notable $2,051.60 per ounce, while spot gold was also up, trading at $2,038.88 per ounce. Investors typically flock to gold during times of uncertainty, and the current geopolitical climate has reinforced this trend. The airstrikes have raised apprehensions about the stability in the region, prompting a shift towards the relative safety of gold.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2039.78 | Positive Crossover | Bullish
  • MA 20 : 2039.01 | Positive Crossover | Bullish
  • MA 50 : 2017.77 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2041.09 | Positive Crossover | Bullish
  • MA 20 : 2046.67 | Positive Crossover | Bullish
  • MA 50 : 2017.44 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.31 | Buy Zone | Bullish

Stochastic   Oscillator : 25.85 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2127.21 R2 : 2168.19
  • S1 : 1994.53 S2 : 1953.55

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2044.58 | Take Profit: 2084.45 | Stop Loss: 2023.48

BRENT CRUDE OIL

Oil climbs 1% as tankers avoid the Red Sea after strikes on Houthis.

Oil rose 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. For the week, Brent was down 0.5% and WTI 1.1% lower. Earlier in the week, sharp price cuts by top exporter Saudi Arabia and a surprise build in U.S. crude stockpiles spurred supply worries. The U.S. and UK strikes come in retaliation for Houthi attacks since October on commercial vessels in the Red Sea in a show of support for Palestinian militant group Hamas in its fight against Israel.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 77.77 | Positive Crossover | Bullish
  • MA 20 : 77.95 | Positive Crossover | Bullish
  • MA 50 : 79.75 | Negative Crossover | Bearish

Simple :

  • MA 10 : 77.50 | Positive Crossover | Bullish
  • MA 20 : 78.06 | Positive Crossover | Bullish
  • MA 50 : 79.21 | Negative Crossover | Bearish

RSI (Relative Strength Index): 50.06 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.20 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 80.60 R2 : 82.82
  • S1 : 73.40 S2 : 71.18

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 77.93 | Take Profit: 81.59 | Stop Loss: 75.74

NATURAL GAS

Natural Gas Futures Rise as Speculators Eye Frigid Forecast.

Natural Gas futures rise as traders track weather models, expecting market turbulence amid bullish short-term prospects. Natural Gas futures experience upward momentum driven by weather forecasts. Traders anticipate heightened market volatility due to contrasting weather models. Short-term bullish trend in natural gas futures amid supply concerns and weather-induced demand. On Friday, natural gas futures are edging higher, continuing the upward momentum from Thursday. This increase is being closely monitored by traders, especially in light of the impending weekend and its potential weather developments.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2.85 | Positive Crossover | Bullish
  • MA 20 : 2.72 | Positive Crossover | Bullish
  • MA 50 : 2.68 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2.83 | Positive Crossover | Bullish
  • MA 20 : 2.61 | Positive Crossover | Bullish
  • MA 50 : 2.67 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.11 | Buy Zone | Bullish

Stochastic   Oscillator : 63.78 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2.60 R2 : 2.71
  • S1 : 2.22 S2 : 2.11

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3.22 | Take Profit: 3.59 | Stop Loss: 3.04

SILVER

XAG/USD soars to near $23.35 on soft US PPI, escalating geopolitical tensions.

Silver price rises vertically to near $23.35 as the US PPI report surprisingly turns out softer. Deepening Middle East tensions have improved the safe-haven appeal. Silver price recovers sharply and approaches the downward-sloping trendline of the Descending Triangle chart pattern. Silver price (XAG/USD) has rallied to near $23.35 as the United States Bureau of Labor Statistics (BLS) has reported a softer-than-anticipated Producer Price Index (PPI) report for December. The headline PPI contracts by 0.1% and core PPI remains stagnant for the second month in a row. Investors projected headline and core PPI rising by 0.1% and 0.2% respectively.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 22.99 | Positive Crossover | Bullish
  • MA 20 : 23.54 | Positive Crossover | Bullish
  • MA 50 : 23.83 | Positive Crossover | Bullish

Simple :

  • MA 10 : 23.07 | Positive Crossover | Bullish
  • MA 20 : 23.54 | Negative Crossover | Bearish
  • MA 50 : 23.83 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.43 | Neutral Zone | Neutral

Stochastic   Oscillator : 37.86 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 23.30 R2 : 24.60
  • S1 : 22.28 S2 : 21.02

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 22.75 | Take Profit: 23.60 | Stop Loss: 22.60

Elsewhere In The Commodity Market

Gold is up (0.99%) at 2048.92, Silver is up (1.98%) at 23.18, Palladium is down (1.34%) at 974.15, Platinum is down (0.42%) at 909.21, Brent Crude Oil is up (1.20%) at 77.65, WTI Crude Oil up (1.03%) at 72.76 as of writing time.

Key Economic Events & Data Release Today:

(EUR) Industrial Production (MoM) (Nov) (Monday) (CAD) Manufacturing Sales (Monday) (EUR) German CPI (MoM) (Dec) (Tuesday) (CAD) Core CPI (MoM) (Dec) (Tuesday) (CNY) Industrial Production (YoY) (Dec) (Wednesday) (CNY) GDP (QoQ) (Q4) (Wednesday) (GBP) CPI (YoY) (Dec) (Wednesday) (EUR) CPI (YoY) (Dec) (Wednesday) (USD) Retail Sales (MoM) (Dec) (Wednesday) (USD) Core Retail Sales (MoM) (Dec) (AUD) Employment Change (Dec) (Thursday)