COMMODITIES: Crude Rises as US-Iran Optimism Eases, Precious Metals Fall

* Crude oil has risen on Wednesday as earlier optimism around US-Iran diplomatic efforts has faded following more hardline rhetoric from Iranian officials. * WTI Nov 26 is up by 2.0% at $92.4/bbl. * US Secretary of State Marco Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran was reviewing a US response to its proposal to end hostilities, although many differences remain between the sides. * For WTI futures, a bull cycle remains intact, and the recent pullback appears corrective. Key resistance and the bull trigger is $101.69, the Sep 15 high. However, this week's move down resulted in a breach of the 20-day EMA, at $91.34. The next key support to watch lies at $85.96, the 50-day EMA, a clear break of which would undermine the bull theme. * Elsewhere, precious metals have fallen today, as the significant move higher for US yields and weaker equity backdrop has provided further support for the US dollar. * Spot gold is down by 1.7% at $4,285/oz and silver has fallen by 3.8% to $64.5/oz. * For gold, key short-term support has