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

COMMODITIES
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A bearish theme in WTI futures remains intact and this week’s move 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 breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next as the yellow metal appreciates. Firm support is $2703.5, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude down $0.04 or -0.06% at $68.53
  • Natural Gas down $0.04 or -1.3% at $2.807
  • Gold spot down $9.22 or -0.33% at $2779.05
  • Copper down $0 or 0% at $435.2
  • Silver down $0.29 or -0.85% at $33.5251
  • Platinum down $13.24 or -1.3% at $1003.76
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A bearish theme in WTI futures remains intact and this week’s move 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 breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next as the yellow metal appreciates. Firm support is $2703.5, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude down $0.04 or -0.06% at $68.53
  • Natural Gas down $0.04 or -1.3% at $2.807
  • Gold spot down $9.22 or -0.33% at $2779.05
  • Copper down $0 or 0% at $435.2
  • Silver down $0.29 or -0.85% at $33.5251
  • Platinum down $13.24 or -1.3% at $1003.76