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COMMODITIES: Recent Move Lower Reinforces Bearish Outlook for WTI Futures

COMMODITIES
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high, reinforces current conditions. An extension lower would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside 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 $72.88, the Nov 7 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. However, recent weakness has resulted in a breach of the 20-day EMA, and Tuesday’s sell-off delivered a print below the 50-day EMA, at $2644.4. The breach signals scope for a deeper retracement towards $2547.0 the Sep 18 low. Firm resistance is seen at $2689.5, the 20-day EMA. Clearance of this average is required to signal a reversal.

  • WTI Crude up $0.64 or +0.94% at $68.75
  • Natural Gas down $0.02 or -0.69% at $2.887
  • Gold spot up $11.63 or +0.45% at $2609.67
  • Copper up $0.9 or +0.22% at $414.65
  • Silver up $0.24 or +0.79% at $30.9628
  • Platinum up $1.15 or +0.12% at $950.18
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high, reinforces current conditions. An extension lower would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside 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 $72.88, the Nov 7 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. However, recent weakness has resulted in a breach of the 20-day EMA, and Tuesday’s sell-off delivered a print below the 50-day EMA, at $2644.4. The breach signals scope for a deeper retracement towards $2547.0 the Sep 18 low. Firm resistance is seen at $2689.5, the 20-day EMA. Clearance of this average is required to signal a reversal.

  • WTI Crude up $0.64 or +0.94% at $68.75
  • Natural Gas down $0.02 or -0.69% at $2.887
  • Gold spot up $11.63 or +0.45% at $2609.67
  • Copper up $0.9 or +0.22% at $414.65
  • Silver up $0.24 or +0.79% at $30.9628
  • Platinum up $1.15 or +0.12% at $950.18