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COMMODITIES: WTI Futures Remain Soft After Reversing Large Part of Recent Gains

COMMODITIES
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WTI futures remain softer, reversing a large part of recent gains. This affirms the strength of resistance at the 50-day EMA of 72.25, which remains the key upside level. This price action confirms the recovery since Sep 9 as a correction. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Gold bulls remain in the driver’s seat and the yellow metal has again traded to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2675.5 next, a Fibonacci projection. Firm support lies at $2577.4, the 20-day EMA.

  • WTI Crude up $0.05 or +0.07% at $67.74
  • Natural Gas down $0 or -0.07% at $2.751
  • Gold spot down $8.65 or -0.32% at $2663.27
  • Copper up $0.1 or +0.02% at $463.9
  • Silver down $0.24 or -0.75% at $31.7715
  • Platinum down $1.74 or -0.17% at $1009.83
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WTI futures remain softer, reversing a large part of recent gains. This affirms the strength of resistance at the 50-day EMA of 72.25, which remains the key upside level. This price action confirms the recovery since Sep 9 as a correction. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Gold bulls remain in the driver’s seat and the yellow metal has again traded to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2675.5 next, a Fibonacci projection. Firm support lies at $2577.4, the 20-day EMA.

  • WTI Crude up $0.05 or +0.07% at $67.74
  • Natural Gas down $0 or -0.07% at $2.751
  • Gold spot down $8.65 or -0.32% at $2663.27
  • Copper up $0.1 or +0.02% at $463.9
  • Silver down $0.24 or -0.75% at $31.7715
  • Platinum down $1.74 or -0.17% at $1009.83