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COMMODITIES: WTI Futures Rally at the Start of the Week

COMMODITIES
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WTI futures traded higher Thursday, extending the rally that started on Oct 1. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $76.40, the Aug 26 high. On the downside, initial support to watch is $70.56, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend. Gold remains in consolidation mode. The trend condition is also unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2612.1, the 20-day EMA.

  • WTI Crude up $1.28 or +1.72% at $75.7
  • Natural Gas down $0.04 or -1.37% at $2.814
  • Gold spot down $1.53 or -0.06% at $2651.98
  • Copper down $0.8 or -0.17% at $456.8
  • Silver down $0.28 or -0.88% at $31.9139
  • Platinum down $5.64 or -0.57% at $986.83
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WTI futures traded higher Thursday, extending the rally that started on Oct 1. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $76.40, the Aug 26 high. On the downside, initial support to watch is $70.56, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend. Gold remains in consolidation mode. The trend condition is also unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2612.1, the 20-day EMA.

  • WTI Crude up $1.28 or +1.72% at $75.7
  • Natural Gas down $0.04 or -1.37% at $2.814
  • Gold spot down $1.53 or -0.06% at $2651.98
  • Copper down $0.8 or -0.17% at $456.8
  • Silver down $0.28 or -0.88% at $31.9139
  • Platinum down $5.64 or -0.57% at $986.83