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COMMODITIES: Weakness in WTI Futures Monday Reinforces Bearish Theme

COMMODITIES
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A bearish theme in WTI futures remains intact and Monday’s bearish start to the week reinforces current conditions. An extension lower would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.88, the Nov 7 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. However, recent weakness has resulted in a breach of the 20-day EMA, and yesterday’s sell-off delivered a print below the 50-day EMA, at $2646.3. The breach signals scope for a deeper retracement towards $2547.0 the Sep 18 low. Firm resistance is seen at $2699.1, the 20-day EMA. Clearance of this average is required to signal a reversal.

  • WTI Crude up $0.35 or +0.51% at $68.39
  • Natural Gas up $0.02 or +0.75% at $2.943
  • Gold spot down $23.27 or -0.89% at $2595.04
  • Copper down $7.8 or -1.84% at $415.25
  • Silver down $0.38 or -1.24% at $30.287
  • Platinum down $14.29 or -1.48% at $952.4
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A bearish theme in WTI futures remains intact and Monday’s bearish start to the week reinforces current conditions. An extension lower would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.88, the Nov 7 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. However, recent weakness has resulted in a breach of the 20-day EMA, and yesterday’s sell-off delivered a print below the 50-day EMA, at $2646.3. The breach signals scope for a deeper retracement towards $2547.0 the Sep 18 low. Firm resistance is seen at $2699.1, the 20-day EMA. Clearance of this average is required to signal a reversal.

  • WTI Crude up $0.35 or +0.51% at $68.39
  • Natural Gas up $0.02 or +0.75% at $2.943
  • Gold spot down $23.27 or -0.89% at $2595.04
  • Copper down $7.8 or -1.84% at $415.25
  • Silver down $0.38 or -1.24% at $30.287
  • Platinum down $14.29 or -1.48% at $952.4