MNI: PBOC Net Drains CNY361.7 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY431.0 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1390 Weds; +2.45% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1390 WEDS VS 7.1283

MNI China Daily Summary: Tuesday, October 29

MNI: PBOC Net Injects CNY224.4 Bln via OMO Tuesday

Australia Q3 CPI +0.2% Q/Q; +2.8% Y/Y

MNI: AUSTRALIA MONTHLY SEP CPI -0.2% MM, 2.2% YY

MNI:AUSTRALIA Q3 CPI +0.1% Q/Q

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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

COMMODITIES: Monday's Gap Lower Reinforces Bearish Theme in WTI Futures

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

A bearish theme in WTI futures remains intact and Monday’s gap lower reinforces this theme. A continuation down 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 bulls remain in the driver’s seat. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2686.2, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.56 or +0.83% at $67.95
  • Natural Gas down $0.04 or -1.91% at $2.265
  • Gold spot up $11.67 or +0.43% at $2754.41
  • Copper up $3.1 or +0.71% at $439.25
  • Silver up $0.43 or +1.29% at $34.1185
  • Platinum up $17.07 or +1.65% at $1050.71
181 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 Monday’s gap lower reinforces this theme. A continuation down 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 bulls remain in the driver’s seat. The latest climb has resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2686.2, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.56 or +0.83% at $67.95
  • Natural Gas down $0.04 or -1.91% at $2.265
  • Gold spot up $11.67 or +0.43% at $2754.41
  • Copper up $3.1 or +0.71% at $439.25
  • Silver up $0.43 or +1.29% at $34.1185
  • Platinum up $17.07 or +1.65% at $1050.71