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COMMODITIES: Gold Conditions Firmly Bullish After Hitting Fresh Record High

COMMODITIES
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WTI futures remain softer following last week’s sell-off. A continuation lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.07, the 50-day EMA. Gold bulls remain in the driver’s seat. Last week’s climb resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. Sights are on $2767.1 next, a Fibonacci projection. Firm support is $2652.2, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude down $0.2 or -0.28% at $70.36
  • Natural Gas up $0.03 or +1.25% at $2.339
  • Gold spot up $15.65 or +0.58% at $2735.6
  • Copper up $2.65 or +0.61% at $438.2
  • Silver up $0.44 or +1.31% at $34.2305
  • Platinum up $14.04 or +1.39% at $1021.92
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WTI futures remain softer following last week’s sell-off. A continuation lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.07, the 50-day EMA. Gold bulls remain in the driver’s seat. Last week’s climb resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. Sights are on $2767.1 next, a Fibonacci projection. Firm support is $2652.2, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude down $0.2 or -0.28% at $70.36
  • Natural Gas up $0.03 or +1.25% at $2.339
  • Gold spot up $15.65 or +0.58% at $2735.6
  • Copper up $2.65 or +0.61% at $438.2
  • Silver up $0.44 or +1.31% at $34.2305
  • Platinum up $14.04 or +1.39% at $1021.92