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COMMODITIES: Trend Condition in WTI Futures Still Bearish Despite Recent Gains

COMMODITIES
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A bearish theme in WTI futures remains intact and the latest recovery, including this week’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 the recent uptrend. Initial resistance is $72.67, the Nov 5 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 $2643.4, 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 $0.46 or -0.64% at $71.25
  • Natural Gas down $0.01 or -0.33% at $2.738
  • Gold spot up $4.08 or +0.15% at $2661.77
  • Copper up $9.8 or +2.31% at $434.75
  • Silver down $0.05 or -0.17% at $31.1105
  • Platinum down $6.22 or -0.63% at $981.05
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A bearish theme in WTI futures remains intact and the latest recovery, including this week’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 the recent uptrend. Initial resistance is $72.67, the Nov 5 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 $2643.4, 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 $0.46 or -0.64% at $71.25
  • Natural Gas down $0.01 or -0.33% at $2.738
  • Gold spot up $4.08 or +0.15% at $2661.77
  • Copper up $9.8 or +2.31% at $434.75
  • Silver down $0.05 or -0.17% at $31.1105
  • Platinum down $6.22 or -0.63% at $981.05