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COMMODITIES: Spot Gold Trading Inside Tight Range, Long-Term Trend Still Bullish

COMMODITIES
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Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $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. Gold is unchanged and is trading inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are 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 $0.26 or +0.37% at $70.19
  • Natural Gas down $0.01 or -0.39% at $3.03
  • Gold spot down $3.04 or -0.12% at $2640.26
  • Copper down $1.35 or -0.32% at $418.7
  • Silver down $0.21 or -0.69% at $30.8205
  • Platinum down $9.08 or -0.95% at $943.91
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Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $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. Gold is unchanged and is trading inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are 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 $0.26 or +0.37% at $70.19
  • Natural Gas down $0.01 or -0.39% at $3.03
  • Gold spot down $3.04 or -0.12% at $2640.26
  • Copper down $1.35 or -0.32% at $418.7
  • Silver down $0.21 or -0.69% at $30.8205
  • Platinum down $9.08 or -0.95% at $943.91