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COMMODITIES: WTI Futures Reverse This Week's Earlier Gains, Bearish Theme Intact

COMMODITIES
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A bearish theme in WTI futures remains intact and the latest recovery, including this week’s gains, appears to be a correction. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.67, the Nov 5 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2800.0 handle next. Price has breached support around the 20-day EMA. An extension lower would signal scope for a deeper correction, towards 2642.7, the 50-day EMA.

  • WTI Crude down $1.6 or -2.22% at $70.38
  • Natural Gas up $0.01 or +0.19% at $2.674
  • Gold spot down $20.45 or -0.75% at $2723.88
  • Copper down $11.8 or -2.64% at $435.9
  • Silver down $0.4 or -1.23% at $32.27
  • Platinum down $13.05 or -1.3% at $988.57
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A bearish theme in WTI futures remains intact and the latest recovery, including this week’s gains, appears to be a correction. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.67, the Nov 5 high. The trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2800.0 handle next. Price has breached support around the 20-day EMA. An extension lower would signal scope for a deeper correction, towards 2642.7, the 50-day EMA.

  • WTI Crude down $1.6 or -2.22% at $70.38
  • Natural Gas up $0.01 or +0.19% at $2.674
  • Gold spot down $20.45 or -0.75% at $2723.88
  • Copper down $11.8 or -2.64% at $435.9
  • Silver down $0.4 or -1.23% at $32.27
  • Platinum down $13.05 or -1.3% at $988.57