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COMMODITIES: Extension Higher in WTI Futures Turns Attention to Key Resistance

COMMODITIES
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WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance at $71.97, the Nov 7 high, has been pierced. A clear breach of this level would be a positive price development. On the downside, a resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. MA studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2636.8, the 50-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.55 or +0.77% at $72.26
  • Natural Gas up $0.03 or +0.74% at $3.664
  • Gold spot up $12.88 or +0.49% at $2637.54
  • Copper down $1.4 or -0.35% at $401.2
  • Silver up $0.4 or +1.39% at $29.3135
  • Platinum up $6.03 or +0.66% at $914.25
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WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance at $71.97, the Nov 7 high, has been pierced. A clear breach of this level would be a positive price development. On the downside, a resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. MA studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2636.8, the 50-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.55 or +0.77% at $72.26
  • Natural Gas up $0.03 or +0.74% at $3.664
  • Gold spot up $12.88 or +0.49% at $2637.54
  • Copper down $1.4 or -0.35% at $401.2
  • Silver up $0.4 or +1.39% at $29.3135
  • Platinum up $6.03 or +0.66% at $914.25