Gold, WTI Below Recent 7-Day Highs

The WTI futures outlook improved for bulls last week. The contract has defined a key short-term support at $81.30, the Oct 18 low. Note that resistance at $88.66, the Oct 12 high, has been breached. The break of this hurdle signals scope for gains towards $92.34, the Oct 10 high and a key resistance. On the downside, a move through support at $81.30 is required to undermine the current bull theme. Gold traded lower Friday. A downtrend remains intact and recent gains are considered corrective. A bearish theme follows the reversal from $1729.5, Oct 4 high. The move lower signals the end of the Sep 28 - Oct 4 bull phase. A resumption of weakness would open key support at $1615.0, Sep 28 low. On the upside, the next firm resistance is at $1686.5, the 50-day EMA. A break of the average would signal scope for a stronger correction.

• WTI Crude down $0.9 or -1.02% at $86.99
• Natural Gas up $0.44 or +7.67% at $6.137
• Gold spot down $8.81 or -0.54% at $1636.21
• Copper down $4.4 or -1.28% at $338.1
• Silver down $0.27 or -1.39% at $18.9968
• Platinum down $17.05 or -1.8% at $931.1