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