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COMMODITIES: Long-Term Trend Condition in Gold Unchanged and Bullish

COMMODITIES
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high, reinforces 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 corrective. However, recent weakness has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading lower again, today. The breach of the EMAs signals scope for a deeper retracement and sights are on $2547.0 next, the Sep 18 low. Firm resistance is seen at $2678.4, the 20-day EMA.

  • WTI Crude down $0.09 or -0.13% at $68.36
  • Natural Gas down $0.03 or -0.91% at $2.957
  • Gold spot down $30.3 or -1.18% at $2542.24
  • Copper down $7.5 or -1.84% at $400.95
  • Silver down $0.53 or -1.74% at $29.771
  • Platinum down $4.37 or -0.47% at $934.16
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high, reinforces 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 corrective. However, recent weakness has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading lower again, today. The breach of the EMAs signals scope for a deeper retracement and sights are on $2547.0 next, the Sep 18 low. Firm resistance is seen at $2678.4, the 20-day EMA.

  • WTI Crude down $0.09 or -0.13% at $68.36
  • Natural Gas down $0.03 or -0.91% at $2.957
  • Gold spot down $30.3 or -1.18% at $2542.24
  • Copper down $7.5 or -1.84% at $400.95
  • Silver down $0.53 or -1.74% at $29.771
  • Platinum down $4.37 or -0.47% at $934.16