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COMMODITIES: Recovery in WTI Futures Still Appears to Be a Short-Term Correction

COMMODITIES
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A bearish theme in WTI futures remains intact and the latest recovery appears to be a short-term correction. A resumption of weakness 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 instead 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 the latest pullback is - for now - considered corrective. Recent gains 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. Firm support is $2710.1, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $1.99 or +2.86% at $71.47
  • Natural Gas down $0.04 or -1.43% at $2.623
  • Gold spot up $6.91 or +0.25% at $2742.66
  • Copper up $3.9 or +0.89% at $441.15
  • Silver up $0.32 or +0.99% at $32.799
  • Platinum up $4.79 or +0.48% at $1000.61
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A bearish theme in WTI futures remains intact and the latest recovery appears to be a short-term correction. A resumption of weakness 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 instead 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 the latest pullback is - for now - considered corrective. Recent gains 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. Firm support is $2710.1, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $1.99 or +2.86% at $71.47
  • Natural Gas down $0.04 or -1.43% at $2.623
  • Gold spot up $6.91 or +0.25% at $2742.66
  • Copper up $3.9 or +0.89% at $441.15
  • Silver up $0.32 or +0.99% at $32.799
  • Platinum up $4.79 or +0.48% at $1000.61