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Gold, WTI Maintain Bullish Theme Close to Friday Highs


WTI futures traded higher Friday. The outlook is bullish. The contract has pierced resistance at $92.34, the Oct 12 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards resistance at $95.55. Moving average studies are beginning to display a bull mode position, reinforcing the current positive outlook. The contract has defined a key short-term support at $81.30, the Oct 18 low. Gold found support Friday and ended the week on a bullish note, closing at the day's high. The rally Friday resulted in a print above the 50-day EMA at $1679.2. A clear breach of the 50-day EMA would signal a short-term reversal and suggests potential for further gains near-term. This would open $1714.8, the Oct 7 high. Key support is unchanged at $1615.0, the Sep 28 low. A break of this support would resume the recent downtrend.

  • WTI Crude down $0.58 or -0.63% at $91.81
  • Natural Gas up $0.54 or +8.42% at $6.924
  • Gold spot down $2.91 or -0.17% at $1678.64
  • Copper down $3.85 or -1.04% at $364.75
  • Silver down $0.07 or -0.34% at $20.7885
  • Platinum up $6.67 or +0.69% at $970.46

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