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COMMODITIES: WTI Futures Holding Onto Bulk of This Week's Gains

COMMODITIES
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WTI futures have recovered from their recent lows. However, a bearish theme remains intact following last week’s 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. Last week’s climb resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. This week’s extension reinforces the bullish theme. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2661.4, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.         

  • WTI Crude down $0.66 or -0.92% at $71.08
  • Natural Gas down $0.02 or -0.69% at $2.293
  • Gold spot up $7.42 or +0.27% at $2756.64
  • Copper down $3.15 or -0.72% at $434.8
  • Silver down $0.2 or -0.57% at $34.669
  • Platinum up $3.83 or +0.37% at $1035.65
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WTI futures have recovered from their recent lows. However, a bearish theme remains intact following last week’s 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. Last week’s climb resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. This week’s extension reinforces the bullish theme. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2661.4, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.         

  • WTI Crude down $0.66 or -0.92% at $71.08
  • Natural Gas down $0.02 or -0.69% at $2.293
  • Gold spot up $7.42 or +0.27% at $2756.64
  • Copper down $3.15 or -0.72% at $434.8
  • Silver down $0.2 or -0.57% at $34.669
  • Platinum up $3.83 or +0.37% at $1035.65