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COMMODITIES: Bearish Theme in WTI Futures Remains Intact, Attention on $65.99

COMMODITIES
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.88, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows. The breach of the EMAs signals scope for a deeper retracement and sights are on $2511.1 next, the Sep 18 low. Firm resistance is seen at $2657.6, the 20-day EMA.

  • WTI Crude up $0.25 or +0.37% at $67.28
  • Natural Gas up $0.08 or +2.9% at $2.904
  • Gold spot up $32.45 or +1.27% at $2595.64
  • Copper up $2.3 or +0.56% at $413.05
  • Silver up $0.47 or +1.57% at $30.7465
  • Platinum up $15.29 or +1.62% at $957.48
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.88, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows. The breach of the EMAs signals scope for a deeper retracement and sights are on $2511.1 next, the Sep 18 low. Firm resistance is seen at $2657.6, the 20-day EMA.

  • WTI Crude up $0.25 or +0.37% at $67.28
  • Natural Gas up $0.08 or +2.9% at $2.904
  • Gold spot up $32.45 or +1.27% at $2595.64
  • Copper up $2.3 or +0.56% at $413.05
  • Silver up $0.47 or +1.57% at $30.7465
  • Platinum up $15.29 or +1.62% at $957.48