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COMMODITIES: Pullback in Gold Considered Corrective, Bullish Trend Unchanged

COMMODITIES
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A bearish theme in WTI futures remains intact and the latest recovery, including last week’s gains, appear corrective. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $74.35, the Oct 14 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. The yellow metal has cleared the 20-day EMA and this highlights potential for an extension of the corrective cycle. Attention is on a key support at $2647.4, the 50-day EMA. A clear break of this average would expose $2604.9, the Oct 8 low. For bulls a reversal higher would refocus attention on the bull trigger at $2790.1, the Oct 31 high.

  • WTI Crude down $0.91 or -1.29% at $69.52
  • Natural Gas up $0.17 or +6.18% at $2.835
  • Gold spot down $17.87 or -0.67% at $2667.29
  • Copper down $2.75 or -0.64% at $427.95
  • Silver up $0.05 or +0.15% at $31.352
  • Platinum up $6.14 or +0.63% at $979.14
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A bearish theme in WTI futures remains intact and the latest recovery, including last week’s gains, appear corrective. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $74.35, the Oct 14 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. The yellow metal has cleared the 20-day EMA and this highlights potential for an extension of the corrective cycle. Attention is on a key support at $2647.4, the 50-day EMA. A clear break of this average would expose $2604.9, the Oct 8 low. For bulls a reversal higher would refocus attention on the bull trigger at $2790.1, the Oct 31 high.

  • WTI Crude down $0.91 or -1.29% at $69.52
  • Natural Gas up $0.17 or +6.18% at $2.835
  • Gold spot down $17.87 or -0.67% at $2667.29
  • Copper down $2.75 or -0.64% at $427.95
  • Silver up $0.05 or +0.15% at $31.352
  • Platinum up $6.14 or +0.63% at $979.14