MNI China Daily Summary: Wednesday, November 20

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COMMODITIES: WTI Futures Trading Above Monday's Lows, But Trend Remains Bearish

COMMODITIES
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a clear 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 is considered corrective. Price has recovered from its recent lows. The 20-day EMA is at $2651.3. A clear break above it would highlight a possible reversal and signal the end of the recent bearish corrective cycle. This would open $2710.4, the Nov 11 high. Key short-term support lies at $2536.9, Nov 14 high. A break would resume the bear cycle.

  • WTI Crude up $0.54 or +0.78% at $69.93
  • Natural Gas up $0.05 or +1.7% at $3.049
  • Gold spot down $10.64 or -0.4% at $2621.53
  • Copper up $2.2 or +0.53% at $420.3
  • Silver down $0.33 or -1.06% at $30.878
  • Platinum down $9.43 or -0.97% at $965.16
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A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a clear 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 is considered corrective. Price has recovered from its recent lows. The 20-day EMA is at $2651.3. A clear break above it would highlight a possible reversal and signal the end of the recent bearish corrective cycle. This would open $2710.4, the Nov 11 high. Key short-term support lies at $2536.9, Nov 14 high. A break would resume the bear cycle.

  • WTI Crude up $0.54 or +0.78% at $69.93
  • Natural Gas up $0.05 or +1.7% at $3.049
  • Gold spot down $10.64 or -0.4% at $2621.53
  • Copper up $2.2 or +0.53% at $420.3
  • Silver down $0.33 or -1.06% at $30.878
  • Platinum down $9.43 or -0.97% at $965.16