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COMMODITIES: Monday's Move Lower Reinforces Bearish WTI Future Trend Conditions

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. Price has recovered from its recent lows and Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, yesterday’s high. Clearance of this level would be a bullish development. Key support is $2536.9,Nov 14 low. A break would be bearish.

  • WTI Crude up $0.5 or +0.73% at $69.47
  • Natural Gas down $0.05 or -1.57% at $3.316
  • Gold spot down $1.48 or -0.06% at $2624.37
  • Copper down $1.65 or -0.4% at $414.35
  • Silver up $0.1 or +0.33% at $30.403
  • Platinum down $7.73 or -0.82% at $932.54
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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. Price has recovered from its recent lows and Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2721.4, yesterday’s high. Clearance of this level would be a bullish development. Key support is $2536.9,Nov 14 low. A break would be bearish.

  • WTI Crude up $0.5 or +0.73% at $69.47
  • Natural Gas down $0.05 or -1.57% at $3.316
  • Gold spot down $1.48 or -0.06% at $2624.37
  • Copper down $1.65 or -0.4% at $414.35
  • Silver up $0.1 or +0.33% at $30.403
  • Platinum down $7.73 or -0.82% at $932.54