Fundamental Metals & Energy Outlook – September 12th, 2024
In the commodities market, gold and silver are showing signs of sideways to bullish trends. Gold is expected to trade within the range of 71,700 – 72,200, while silver will hover between 84,000 – 84,900. The recent U.S. inflation data release has kept traders cautious, awaiting further signals from the Federal Reserve’s next policy move, which could significantly influence the market.
Base Metals Outlook
Base metals continue their bullish streak with copper forecasted to trade between 787 – 795. The market’s attention is largely on the potential for upcoming interest rate cuts, leading to a rise in base metal prices, supported by a weaker dollar.
- Zinc could see a buying trend, finding support around 258 and facing resistance at 261.
- Lead may maintain its bullish movement, likely trading between 182 – 185.
- Aluminum is expected to see bullish activity, with support near 222 and resistance at 224.
Energy Market Update
The energy sector could witness mixed movements. Crude oil is predicted to trade between 5,640 – 5,780, while natural gas prices may range from 185 – 194 with a mixed bias. Oil prices have been flat, with concerns about demand still influencing the market. Hurricane Francine’s impact on U.S. output also continues to be a significant factor.
The metal and energy markets remain highly reactive to global economic data and policy shifts, which can create short-term volatility and present trading opportunities for investors.
Key Takeaways:
- Gold: 71,700 – 72,200
- Silver: 84,000 – 84,900
- Copper: 787 – 795
- Zinc: Support at 258, resistance at 261
- Lead: 182 – 185
- Aluminum: Support at 222, resistance at 224
- Crude Oil: 5,640 – 5,780
- Natural Gas: 185 – 194
Investors are advised to stay informed about upcoming economic events and to remain cautious in the face of fluctuating market conditions.
Disclaimer: Investments in the securities market are subject to market risks. Please consult your financial advisor before investing.
