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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 Monday’s move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger 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 to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, Monday’s high. Key support to monitor is $2536.9, the Nov 14 low. A break would be bearish.

  • WTI Crude up $0.36 or +0.52% at $69.15
  • Natural Gas down $0.12 or -3.49% at $3.346
  • Gold spot up $15.71 or +0.6% at $2648.53
  • Copper up $4.65 or +1.13% at $416.3
  • Silver up $0.08 or +0.25% at $30.5065
  • Platinum up $3.31 or +0.36% at $932.23
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A bearish theme in WTI futures remains intact and Monday’s move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger 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 to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, Monday’s high. Key support to monitor is $2536.9, the Nov 14 low. A break would be bearish.

  • WTI Crude up $0.36 or +0.52% at $69.15
  • Natural Gas down $0.12 or -3.49% at $3.346
  • Gold spot up $15.71 or +0.6% at $2648.53
  • Copper up $4.65 or +1.13% at $416.3
  • Silver up $0.08 or +0.25% at $30.5065
  • Platinum up $3.31 or +0.36% at $932.23