Energy & precious metals - weekly review and outlook

Investing.com - Fear across global markets is expected to hit fever pitch in the coming week, with stock markets likely tanking and favorite commodity plays oil and gold rising, as Israel enters the much-anticipated heightened phase of its war with Hamas, attacking Gaza from land, air and sea.and gold - which hit $2,000 an ounce in Friday’s post-settlement trade itself as a full-scale Israeli ground invasion of Gaza looked imminent.

“Major resistance remains static at $88.30, and that may act as a trigger for extended gains that could reach the threshold of $91,” said Dixit. In post-settlement though, the benchmark gold futures contract did a final trade at $2,016.30, showing a gain of $18.90, or 0.95%, on the day., more closely watched by some traders than futures, settled at $2,006.38, up $21.49, or 1.1%, after a session high of $2,009.41.Given the geopolitical push from the war in the Middle East, as well as chart positioning, spot gold’s next logical targets appear to be $2,035, then $2,055, followed by the major resistance of $2,080, said SKCharting’s Dixit.

“The EIA’s storage report came in at 74 Bcf, lower than the analyst average,” Gelber & Associates, a Houston-based advisory on energy trading, said. “Near term contracts along the forward curve saw a boost in price similar to the front-month contract in response to the data release, and have rallied sharply since.”

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