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COMMODITIES: WTI Futures Remain Softer Following Last Week’s Sell-Off

COMMODITIES
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WTI futures remain softer following last week’s sell-off. An extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.12, the 50-day EMA. Gold continues to appreciate. Last week’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary bull trend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. Sights are on $2737.8, a Fibonacci projection. Firm support is $2645.1, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.88 or +1.27% at $70.01
  • Natural Gas up $0.01 or +0.44% at $2.262
  • Gold spot up $9.63 or +0.35% at $2732.77
  • Copper up $5.95 or +1.36% at $444.5
  • Silver up $0.33 or +0.98% at $34.059
  • Platinum up $3.36 or +0.33% at $1020.58
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WTI futures remain softer following last week’s sell-off. An extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.12, the 50-day EMA. Gold continues to appreciate. Last week’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary bull trend. The yellow metal has also cleared $2700.0, reinforcing current trend conditions. Sights are on $2737.8, a Fibonacci projection. Firm support is $2645.1, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.88 or +1.27% at $70.01
  • Natural Gas up $0.01 or +0.44% at $2.262
  • Gold spot up $9.63 or +0.35% at $2732.77
  • Copper up $5.95 or +1.36% at $444.5
  • Silver up $0.33 or +0.98% at $34.059
  • Platinum up $3.36 or +0.33% at $1020.58