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Commodities Fall as Risk Appetite Unravels Across Markets

Commodities Fall as Risk Appetite Unravels Across Markets

Ilya Spivak, Head Strategist, APAC

Talking Points

Commodities are edging broadly lower in early European trade amid what appears to be a market-wide correction after three days of gains on the risk appetite front. Traders seem to be reconsidering the catalysts behind the advance, reminded of the still-dire state of the global recovery and a lack of meaningful progress on Eurozone debt crisis management. Growth-geared crude oil and copper prices are following stocks lower while gold and silver are facing de-facto selling pressure as haven flows buoy the US Dollar. S&P 500 stock index futures are pointing firmly lower, hinting more of the same is ahead as North America comes online. The weekly set of DOE crude inventory figures headline the economic calendar.

WTI Crude Oil (NY Close): $93.67 // +1.47 // +1.59%

Prices are testing resistance in the 93.21-90 area marked by the July 19 high and the 50% Fibonacci retracement. A break higher exposes the 61.8% Fib at 97.82. Near-term support stands at the psychologically significant 90.00 figure and is reinforced by the 38.2% retracement at 89.87. A push below that targets a rising trend line now at 87.76.

Commodities_Fall_as_Risk_Appeatite_Unravels_Across_Markets_body_Picture_3.png, Commodities Fall as Risk Appetite Unravels Across Markets

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1612.20 // +1.70 // +0.11%

Prices are testing resistance in the 1620.45-35.70 congestion area after bouncing from support at a rising trend line support set from late June. A break to the upside initially exposes 1671.49. Trend line supports line up at 1589.28 and 1572.13.

Commodities_Fall_as_Risk_Appeatite_Unravels_Across_Markets_body_Picture_4.png, Commodities Fall as Risk Appetite Unravels Across Markets

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $28.14 // +0.24 // +0.86%

Prices took out resistance at 27.68, with the bulls now aiming at 28.44. A break above that exposes 29.42. The 27.68 level has been recast as support, with break back below that targeting 26.75.

Commodities_Fall_as_Risk_Appeatite_Unravels_Across_Markets_body_Picture_5.png, Commodities Fall as Risk Appetite Unravels Across Markets

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.440 // +0.050 // +1.47%

Prices are testing 3.435 after breaking above resistance in the 3.378-90 area marked by the 38.2% Fibonacci expansion and a horizontal pivot level. Continued gains from here target 3.535. The 3.378-90 area has been recast as support, with a break back below that targeting 3.300.

Commodities_Fall_as_Risk_Appeatite_Unravels_Across_Markets_body_Picture_6.png, Commodities Fall as Risk Appetite Unravels Across Markets

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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