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COMMODITIES: WTI Futures Trade Higher Wednesday, But Conditions Still Bearish

COMMODITIES
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WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2653.0, has been breached. This highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2730.4, a Fibonacci retracement. Initial support is at $2636.6, the 50-day EMA.

  • WTI Crude up $0.04 or +0.06% at $70.17
  • Natural Gas up $0.04 or +1.23% at $3.384
  • Gold spot up $33.39 or +1.25% at $2703.18
  • Copper down $4.1 or -0.98% at $412.4
  • Silver up $0.45 or +1.45% at $31.237
  • Platinum down $3 or -0.31% at $962.2
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WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2653.0, has been breached. This highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2730.4, a Fibonacci retracement. Initial support is at $2636.6, the 50-day EMA.

  • WTI Crude up $0.04 or +0.06% at $70.17
  • Natural Gas up $0.04 or +1.23% at $3.384
  • Gold spot up $33.39 or +1.25% at $2703.18
  • Copper down $4.1 or -0.98% at $412.4
  • Silver up $0.45 or +1.45% at $31.237
  • Platinum down $3 or -0.31% at $962.2