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COMMODITIES: Gap Lower in WTI Futures Reinforces Bearish Theme

COMMODITIES
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A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a clear reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.34, the Oct 24 high. Gold bulls remain in the driver’s seat and price continues to trade closer to its recent highs. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2680.3 the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude down $3.43 or -4.78% at $68.4
  • Natural Gas down $0.11 or -4.18% at $2.453
  • Gold spot down $13.94 or -0.51% at $2733.24
  • Copper down $0.95 or -0.22% at $436.05
  • Silver down $0.21 or -0.62% at $33.507
  • Platinum down $1.62 or -0.16% at $1023.46
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A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a clear reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.34, the Oct 24 high. Gold bulls remain in the driver’s seat and price continues to trade closer to its recent highs. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2680.3 the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude down $3.43 or -4.78% at $68.4
  • Natural Gas down $0.11 or -4.18% at $2.453
  • Gold spot down $13.94 or -0.51% at $2733.24
  • Copper down $0.95 or -0.22% at $436.05
  • Silver down $0.21 or -0.62% at $33.507
  • Platinum down $1.62 or -0.16% at $1023.46