COMMODITIES: Bear Threat in WTI Futures Remains, Support Seen at $65.74
A bearish threat in WTI futures remains present and the contract is trading closer to its recent lows. A continuation of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold traded higher again yesterday. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low. First support is $2605.3, the Nov 26 low.
- WTI Crude up $0.77 or +1.12% at $69.32
- Natural Gas up $0.06 or +1.99% at $3.226
- Gold spot down $0.75 or -0.03% at $2693.43
- Copper down $2.65 or -0.62% at $424.4
- Silver down $0.24 or -0.75% at $31.664
- Platinum down $8.41 or -0.89% at $933.66