Corrective Cycle in WTI Futures Still in Play as This Week's Gains Extend

The trend outlook in WTI futures is unchanged and remains bearish. However, a corrective cycle is in play and the contract has traded higher this week. Resistance to watch is at $79.65, the Nov 14 high. A breach would strengthen a bullish theme and open $83.20, the Nov 3 high. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would resume the downtrend. The trend condition in Gold remains bullish and this week’s strong rally reinforces this set-up. The yellow metal has traded through resistance at $2009.4, the Nov 7 high. The clear break of this hurdle has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high at $2070.4 (Mar 8 ‘22). Initial firm support is at $1989.5, the 20-day EMA.

• WTI Crude up $0.69 or +0.89% at $78.46
• Natural Gas up $0.02 or +0.82% at $2.828
• Gold spot down $5.12 or -0.25% at $2039.21
• Copper down $0.5 or -0.13% at $382.05
• Silver down $0.04 or -0.15% at $24.9765
• Platinum down $2.57 or -0.28% at $932.13