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COMMODITIES: WTI Futures Trading Just Ahead of Recent Lows

COMMODITIES
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A bearish theme in WTI futures remains intact and this week’s move lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a clear reversal would refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.34, the Oct 24 high. The trend condition in Gold is unchanged and bulls remain in the driver’s seat. The latest climb has resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next as the yellow metal appreciates. Firm support is $2694.6, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $0.57 or +0.85% at $67.79
  • Natural Gas up $0.02 or +0.7% at $2.879
  • Gold spot up $8.16 or +0.29% at $2782.96
  • Copper up $1.45 or +0.33% at $437.45
  • Silver down $0.22 or -0.65% at $34.237
  • Platinum down $13.62 or -1.3% at $1036.91
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A bearish theme in WTI futures remains intact and this week’s move lower reinforces this theme. A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a clear reversal would refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.34, the Oct 24 high. The trend condition in Gold is unchanged and bulls remain in the driver’s seat. The latest climb has resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next as the yellow metal appreciates. Firm support is $2694.6, the 20-day EMA. A clear break of this EMA would highlight a short-term top.

  • WTI Crude up $0.57 or +0.85% at $67.79
  • Natural Gas up $0.02 or +0.7% at $2.879
  • Gold spot up $8.16 or +0.29% at $2782.96
  • Copper up $1.45 or +0.33% at $437.45
  • Silver down $0.22 or -0.65% at $34.237
  • Platinum down $13.62 or -1.3% at $1036.91