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COMMODITIES: This Week's Gains in WTI Futures Appears Technically Corrective

COMMODITIES
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A bearish theme in WTI futures remains intact and the latest recovery, including Monday’s  gains, appears to be a correction. 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 S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is $72.34, 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 $2712.7, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $0.4 or +0.56% at $71.81
  • Natural Gas up $0.01 or +0.36% at $2.791
  • Gold spot up $2.32 or +0.08% at $2739.33
  • Copper up $3.5 or +0.79% at $446.6
  • Silver up $0.16 or +0.49% at $32.6115
  • Platinum up $10.45 or +1.06% at $996.36
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A bearish theme in WTI futures remains intact and the latest recovery, including Monday’s  gains, appears to be a correction. 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 S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is $72.34, 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 $2712.7, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $0.4 or +0.56% at $71.81
  • Natural Gas up $0.01 or +0.36% at $2.791
  • Gold spot up $2.32 or +0.08% at $2739.33
  • Copper up $3.5 or +0.79% at $446.6
  • Silver up $0.16 or +0.49% at $32.6115
  • Platinum up $10.45 or +1.06% at $996.36