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COMMODITIES: WTI Futures Trading Just Above This Week's Lows

COMMODITIES
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WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension 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. Gold is trading higher today. Thursday’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. This maintains the positive price sequence of higher highs and higher lows. Sights are on $2737.8, a Fibonacci projection. Firm support is $2637.0, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.3 or +0.42% at $70.94
  • Natural Gas up $0.01 or +0.26% at $2.352
  • Gold spot up $12.37 or +0.46% at $2705.06
  • Copper up $5.25 or +1.21% at $437.95
  • Silver up $0.29 or +0.9% at $31.9825
  • Platinum up $14.96 or +1.5% at $1011.2
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WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension 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. Gold is trading higher today. Thursday’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. This maintains the positive price sequence of higher highs and higher lows. Sights are on $2737.8, a Fibonacci projection. Firm support is $2637.0, the 20-day EMA. A clear break of the EMA would signal scope for a deeper retracement.

  • WTI Crude up $0.3 or +0.42% at $70.94
  • Natural Gas up $0.01 or +0.26% at $2.352
  • Gold spot up $12.37 or +0.46% at $2705.06
  • Copper up $5.25 or +1.21% at $437.95
  • Silver up $0.29 or +0.9% at $31.9825
  • Platinum up $14.96 or +1.5% at $1011.2