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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 has reinforced current conditions. Attention is on $65.74, the Oct 1 low, and $63.90, 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 $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down is considered corrective. The bear phase has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading closer to 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 $2653.3, the 20-day EMA.

  • WTI Crude down $0.35 or -0.51% at $68.8
  • Natural Gas down $0 or -0.1% at $2.972
  • Gold spot up $18.4 or +0.7% at $2631.84
  • Copper down $0.9 or -0.22% at $416.55
  • Silver up $0.22 or +0.69% at $31.4048
  • Platinum down $3.94 or -0.41% at $964.07
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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. Attention is on $65.74, the Oct 1 low, and $63.90, 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 $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down is considered corrective. The bear phase has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading closer to 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 $2653.3, the 20-day EMA.

  • WTI Crude down $0.35 or -0.51% at $68.8
  • Natural Gas down $0 or -0.1% at $2.972
  • Gold spot up $18.4 or +0.7% at $2631.84
  • Copper down $0.9 or -0.22% at $416.55
  • Silver up $0.22 or +0.69% at $31.4048
  • Platinum down $3.94 or -0.41% at $964.07