Gold Hits New Weekly Low as Wednesday Weakness Extends

The WTI futures outlook is bullish and the continued recovery from Monday’s low reinforces this theme. The contract has defined a key short-term support at $81.30, the Oct 18 low and has recently cleared resistance at $88.66, the Oct 12 high. The break of this hurdle signals scope for a climb towards $92.34, the Oct 10 high and a key resistance. On the downside, initial firm support lies at $85.30, the Oct 31 low. A downtrend in Gold remains intact and Wednesday’s weakness has fed through to Thursday morning to further highlight this theme. A bearish outlook follows the reversal from $1729.5, Oct 4 high and the move lower signals the end of the Sep 28 - Oct 4 bull phase. An extension lower would open key support and the bear trigger at $1615.0, Sep 28 low. On the upside, the next firm resistance is at $1681.1, the 50-day EMA.

• WTI Crude down $1.36 or -1.51% at $88.63
• Natural Gas down $0.21 or -3.3% at $6.059
• Gold spot down $9.78 or -0.6% at $1625.16
• Copper down $6 or -1.73% at $340.65
• Silver down $0.15 or -0.79% at $19.0624
• Platinum down $17.02 or -1.82% at $921.75