COMMODITIES: WTI Futures Above Weekly Low But Bearish Threat Present
WTI futures are trading above their recent lows. However, a bearish theme remains intact following the Oct 8 - 18 sell-off. A resumption of weakness would threaten the recent bullish theme and expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a stronger reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Gold bulls remain in the driver’s seat and price is trading closer to its recent highs. Recent gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. This week’s extension reinforces the bull theme. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2673.2, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.
- WTI Crude down $0.05 or -0.07% at $70.13
- Natural Gas up $0 or +0.08% at $2.524
- Gold spot down $16.88 or -0.62% at $2719.85
- Copper down $1.95 or -0.45% at $433.2
- Silver down $0.47 or -1.39% at $33.2236
- Platinum down $24.2 or -2.35% at $1004.86