MNI BRIEF: Risks To Growth Evident, Await Dec Forecasts -Rehn

MNI China Daily Summary: Tuesday, November 12

MNI: GERMANY OCTOBER FINAL HICP +0.4% M/M

MNI: PBOC Net Injects CNY107.2 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1927 Tues; +1.32% Y/Y

CHINA PBOC CONDUCTS CNY125.5 BLN VIA 7-DAY REVERSE REPOS TUES

MNI: GERMANY NOV ZEW CURRENT CONDITIONS -91.4

MNI: GERMANY ZEW NOV ECONOMIC EXPECTATIONS 7.4

MNI: GERMAN OCT CPI +2 % Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMODITIES: Latest Recovery in WTI Futures Deemed Technically Corrective

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

A bearish theme in WTI futures remains intact and the latest recovery appears to be a correction. A resumption of weakness 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 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. The trend condition in Gold is unchanged and Thursday’s pullback is - for now - considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next. Firm support is $2707.3, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $2.09 or +3.02% at $71.33
  • Natural Gas up $0 or +0.04% at $2.709
  • Gold spot up $9.45 or +0.34% at $2753.36
  • Copper up $1.85 or +0.43% at $435.75
  • Silver up $0.16 or +0.5% at $32.8285
  • Platinum up $0.68 or +0.07% at $994.85
187 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

A bearish theme in WTI futures remains intact and the latest recovery appears to be a correction. A resumption of weakness 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 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. The trend condition in Gold is unchanged and Thursday’s pullback is - for now - considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next. Firm support is $2707.3, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $2.09 or +3.02% at $71.33
  • Natural Gas up $0 or +0.04% at $2.709
  • Gold spot up $9.45 or +0.34% at $2753.36
  • Copper up $1.85 or +0.43% at $435.75
  • Silver up $0.16 or +0.5% at $32.8285
  • Platinum up $0.68 or +0.07% at $994.85