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COMMODITIES: WTI Weakens on Week, Spot Gold Edges Lower

COMMODITIES
  • Crude futures have fallen sharply today, putting WTI down 1.5% on the week. Expectations of OPEC+ increasing output from October have offset any drawn-out cuts in Libya.
  • WTI Oct 24 is down by 2.9% at $73.6/bbl.
  • OPEC+ is set to proceed with its plans to bring barrels back to the market from October according to six Reuters sources inside the group.
  • For WTI futures, a stronger resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. However, an extension lower would once again expose the $70.88 key support, the Aug 5 low.
  • Spot gold has fallen by 0.7% to $2,503/oz today, having dipped below the $2,500 level earlier in the session.
  • The yellow metal has fallen marginally over the week, having hit a record high on August 20. However, trend conditions are unchanged and remain bullish.
  • Focus is on a climb towards $2,536.4 next, a Fibonacci projection. Initial support to watch lies at $2,481.9, the 20-day EMA.
  • Meanwhile, silver is underperforming and is down by 2.0% at $28.8/oz, leaving the precious metal down by over 3% on the week.
  • A medium-term bearish cycle in silver remains intact, with focus on key support at $26.018, the May 2 low. A continuation higher would cancel the bearish theme and expose $30.502 next, a Fibonacci retracement.
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