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COMMODITIES: Bearish Theme in WTI Futures Intact Despite Last Week's Gains

COMMODITIES
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WTI futures traded higher last week. However, a bearish theme remains intact and attention is on $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. Clearance of this level would resume the recent uptrend. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Price has recovered from its recent lows and today’s move lower is considered corrective - for now. A resumption of gains would open $2730.4, a Fibonacci retracement. Initial support is at $2639.7, the 50-day EMA. A clear break of the average would highlight a bearish threat.

  • WTI Crude down $0.35 or -0.49% at $70.89
  • Natural Gas up $0.21 or +6.58% at $3.335
  • Gold spot down $41.47 or -1.53% at $2674.13
  • Copper up $2.75 or +0.67% at $416
  • Silver down $0.53 or -1.7% at $30.799
  • Platinum down $12.94 or -1.34% at $953.01
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WTI futures traded higher last week. However, a bearish theme remains intact and attention is on $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. Clearance of this level would resume the recent uptrend. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Price has recovered from its recent lows and today’s move lower is considered corrective - for now. A resumption of gains would open $2730.4, a Fibonacci retracement. Initial support is at $2639.7, the 50-day EMA. A clear break of the average would highlight a bearish threat.

  • WTI Crude down $0.35 or -0.49% at $70.89
  • Natural Gas up $0.21 or +6.58% at $3.335
  • Gold spot down $41.47 or -1.53% at $2674.13
  • Copper up $2.75 or +0.67% at $416
  • Silver down $0.53 or -1.7% at $30.799
  • Platinum down $12.94 or -1.34% at $953.01