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COMMODITIES: Latest Pullback in Gold Appears to Be a Correction

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. The move down exposes $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 appears to be a correction. However, the latest 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 $2667.6, the 20-day EMA.

  • WTI Crude down $0.87 or -1.27% at $67.85
  • Natural Gas down $0.07 or -2.55% at $2.713
  • Gold spot up $1.76 or +0.07% at $2566.49
  • Copper up $2.35 or +0.57% at $416.45
  • Silver down $0.08 or -0.26% at $30.3595
  • Platinum up $9.81 or +1.04% at $949.96
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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. The move down exposes $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 appears to be a correction. However, the latest 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 $2667.6, the 20-day EMA.

  • WTI Crude down $0.87 or -1.27% at $67.85
  • Natural Gas down $0.07 or -2.55% at $2.713
  • Gold spot up $1.76 or +0.07% at $2566.49
  • Copper up $2.35 or +0.57% at $416.45
  • Silver down $0.08 or -0.26% at $30.3595
  • Platinum up $9.81 or +1.04% at $949.96