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Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

2013-04-25 11:01:00
Ilya Spivak, Head Strategist, APAC
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Crude oil and gold prices are trading higher as a better-than-expected UK GDP outcome reinforces a recovery in risk appetite and weighs on the US Dollar.

Talking Points

  • Crude oil, Copper Rise as Risk Appetite Firms After UK GDP Report
  • Gold and Silver Extend Rebound on Ebbing Haven US Dollar Demand

Commodity prices are on the upswing as risk appetite firms across financial markets in the wake of better-than-expected UK GDP figures. Cycle-sensitive crude oil and copper prices are following stocks higher while gold and silver are finding support on ebbing haven demand for the US Dollar. S&P 500 index futures are trading higher, hinting the risk-on dynamic is likely to carry forward as Wall Street comes online.

Weekly Jobless Claims figures headline a quiet data US data docket. Another hefty set of first-quarter earnings reports is also due to cross the wires. Guidance from cycle-sensitive names including Exxon Mobil and ConocoPhillips in the energy space, shipping powerhouse UPS, and consumer-linked firms like Coca-Cola and Safeway may further color investors’ bets on the trajectory of global output.

Want to see economic data releases directly on your charts? Try this App.

WTI Crude Oil (NY Close): $91.43 // -0.01 // -0.01%

Prices are testing above resistance at 91.63, the 50% Fibonacci retracement. A break above that on a daily closing basis exposes the 61.8% level at 93.05. Near-term support is at 90.21, the 38.2% Fib.

Commodities_Crude_Oil_Gold_Rise_as_UK_GDP_Boosts_Risk_Appetite_body_Picture_3.png, Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1431.95 // +18.95 // +1.34%

Prices are testing above resistance at 1434.43, the 38.2% Fibonacci retracement, with a break higher on a daily closing basis exposing the 50%at 1469.28. Near-term support is at 1391.30, the 23.6% level, with a break beneath that aiming for the April 16 low at 1321.59.

Commodities_Crude_Oil_Gold_Rise_as_UK_GDP_Boosts_Risk_Appetite_body_Picture_4.png, Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $23.19 // +0.23 // +0.98%

Prices are consolidating above support at 22.54, the 23.6% Fibonacci expansion. Near-term resistance is at 23.46, the 23.6% Fib retracement, with a break above that initially exposing the 38.2% level at 24.34. Alternatively, a drop below support aims for the 38.2% expansion at 21.66.

Commodities_Crude_Oil_Gold_Rise_as_UK_GDP_Boosts_Risk_Appetite_body_Picture_5.png, Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.158 // +0.064 // +2.07%

Prices are testing resistance at 3.208, the 50% Fibonacci expansion, after completing Bullish Engulfing candlestick pattern. A break above this barrier targets the 38.2% level at 3.265. Near-term support is at 3.151, the 61.8% Fib, with a reversal back beneath that aiming for the 76.4% expansion at 3.080.

Commodities_Crude_Oil_Gold_Rise_as_UK_GDP_Boosts_Risk_Appetite_body_Picture_6.png, Crude Oil, Gold Rise as UK GDP Boosts Risk Appetite

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

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