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COMMODITIES: Move Lower in WTI Futures Last Week Reinforces Bearish Theme

COMMODITIES
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A bearish threat in WTI futures remains present and the Nov 25 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. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged and remains bullish. The Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.57 or +0.84% at $68.59
  • Natural Gas down $0.2 or -5.86% at $3.167
  • Gold spot down $9.15 or -0.35% at $2633.39
  • Copper down $1.9 or -0.46% at $412.2
  • Silver down $0.38 or -1.24% at $30.2345
  • Platinum down $5.83 or -0.61% at $943.37
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A bearish threat in WTI futures remains present and the Nov 25 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. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged and remains bullish. The Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.57 or +0.84% at $68.59
  • Natural Gas down $0.2 or -5.86% at $3.167
  • Gold spot down $9.15 or -0.35% at $2633.39
  • Copper down $1.9 or -0.46% at $412.2
  • Silver down $0.38 or -1.24% at $30.2345
  • Platinum down $5.83 or -0.61% at $943.37