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Abstract:WTI oil moved above the $88 level. Natural gas pulled back towards $5.80.
Silver, platinum, palladium, and copper moved higher as traders bet on rising demand from China.
Gold gained some ground despite the strong rebound of the U.S. dollar.
WTI oil managed to settle back above the $88 level.
Silver continues its attempts to settle above the resistance at $19.65 despite the strong rebound of the U.S. dollar. Chinas Caixin Manufacturing PMI increased from 48.1 in September to 49.2 in October, providing support to metals that are sensitive to industrial demand. In addition, it looks that markets hope that China will slowly relax its strict anti-coronavirus policy.
Currently, silver is trying to settle above the resistance level at $19.65. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If silver settles above $19.65, it will move towards the resistance at $19.85. A successful test of the resistance at $19.85 will open the way to the test of the resistance at $20.00.
On the support side, a move below $19.65 will push silver towards the next support level at the 50 EMA at $19.35. If silver declines below this level, it will head towards the next resistance at $19.15.
Platinum and palladium, which are also sensitive to industrial demand, have also enjoyed strong support today. Platinum moved back above the $950 level, while palladium rebounded towards the $1900 level. Meanwhile, gold managed to get back above the resistance at $1640.
WTI oil moved back above the $88 level on hopes that China’s demand will increase. Bidens plan to impose a windfall tax on energy producers may have served as an additional positive catalyst for oil markets.
To continue its rebound, oil needs to settle above the recent highs near the $90 level. A move above this level will push oil towards the next resistance at $91.30.
Natural gas markets remain extremely volatile. Yesterday, natural gas prices made an attempt to settle above the resistance at $6.35. Today, natural gas pulled back towards $5.85.
Traders are trying to evaluate whether demand will increase in the near term. The market will get more data on Thursday, after the release of the EIA report. Until then, trading may stay choppy.
Copper rebounded back above the $3.45 level as traders bet on rising demand from China. From a big picture point of view, copper markets have no direction. Copper traded in the $3.30 – $3.60 range in October, and the market needs significant catalysts to move out of this range.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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