COMMODITIES: This Week's Gains in WTI Futures Considered Corrective
A bearish theme in WTI futures remains intact and the latest recovery, including this week’s gains, appears to be 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 S/T 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 is considered 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 $2645.8, 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 $1.04 or -1.44% at $71.26
- Natural Gas up $0.01 or +0.22% at $2.699
- Gold spot down $18.04 or -0.67% at $2688.75
- Copper down $6.9 or -1.56% at $436.2
- Silver down $0.51 or -1.59% at $31.527
- Platinum down $9.34 or -0.94% at $988.2