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COMMODITIES: Recent Gains in Gold Appear Corrective for Now

COMMODITIES
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The trend structure in WTI futures remains bullish and the contract traded to a fresh cycle high again, on Wednesday. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.57. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to this week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2640.2, the 50-day EMA.

  • WTI Crude up $1.54 or +2.08% at $75.39
  • Natural Gas up $0.14 or +3.67% at $3.837
  • Gold spot up $13.05 or +0.49% at $2680.2
  • Copper up $1.35 or +0.31% at $432.35
  • Silver up $0.2 or +0.67% at $30.3345
  • Platinum up $3.53 or +0.37% at $965.69
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The trend structure in WTI futures remains bullish and the contract traded to a fresh cycle high again, on Wednesday. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.57. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to this week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2640.2, the 50-day EMA.

  • WTI Crude up $1.54 or +2.08% at $75.39
  • Natural Gas up $0.14 or +3.67% at $3.837
  • Gold spot up $13.05 or +0.49% at $2680.2
  • Copper up $1.35 or +0.31% at $432.35
  • Silver up $0.2 or +0.67% at $30.3345
  • Platinum up $3.53 or +0.37% at $965.69