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COMMODITIES: Gains in WTI Futures Last Week Considered Corrective, For Now

COMMODITIES
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A bearish threat in WTI futures remains present and last week’s gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold has pulled back from its recent highs. Trend signals remain bullish and a move lower is considered corrective. A key short-term resistance at $2721.4, the Nov 25 high, has been pierced and this represents a positive development. A continuation higher would expose key resistance at $2790.1, the Oct 31 high. Clearance of this level would confirm a resumption of the primary uptrend. First key support is $2605.3, the Nov 26 low.

  • WTI Crude down $0.69 or -0.97% at $70.62
  • Natural Gas down $0.12 or -3.51% at $3.164
  • Gold spot up $7.71 or +0.29% at $2656.1
  • Copper down $0.3 or -0.07% at $419.65
  • Silver up $0.1 or +0.31% at $30.648
  • Platinum down $0.87 or -0.09% at $926.19
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A bearish threat in WTI futures remains present and last week’s gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold has pulled back from its recent highs. Trend signals remain bullish and a move lower is considered corrective. A key short-term resistance at $2721.4, the Nov 25 high, has been pierced and this represents a positive development. A continuation higher would expose key resistance at $2790.1, the Oct 31 high. Clearance of this level would confirm a resumption of the primary uptrend. First key support is $2605.3, the Nov 26 low.

  • WTI Crude down $0.69 or -0.97% at $70.62
  • Natural Gas down $0.12 or -3.51% at $3.164
  • Gold spot up $7.71 or +0.29% at $2656.1
  • Copper down $0.3 or -0.07% at $419.65
  • Silver up $0.1 or +0.31% at $30.648
  • Platinum down $0.87 or -0.09% at $926.19