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COMMODITIES: Recent Gains in WTI Futures Considered Corrective for Now

COMMODITIES
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A bearish threat in WTI futures remains present and this 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 traded higher this week. 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. On the downside key support to monitor is $2536.9, the Nov 14 low. First support is $2645.0, the 50-day EMA, ahead of $2605.3, the Nov 26 low.

  • WTI Crude up $0.22 or +0.31% at $70.51
  • Natural Gas down $0.03 or -0.95% at $3.347
  • Gold spot down $2.62 or -0.1% at $2716.49
  • Copper up $3.65 or +0.86% at $430.1
  • Silver up $0.27 or +0.84% at $32.174
  • Platinum up $7.81 or +0.83% at $948.46
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A bearish threat in WTI futures remains present and this 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 traded higher this week. 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. On the downside key support to monitor is $2536.9, the Nov 14 low. First support is $2645.0, the 50-day EMA, ahead of $2605.3, the Nov 26 low.

  • WTI Crude up $0.22 or +0.31% at $70.51
  • Natural Gas down $0.03 or -0.95% at $3.347
  • Gold spot down $2.62 or -0.1% at $2716.49
  • Copper up $3.65 or +0.86% at $430.1
  • Silver up $0.27 or +0.84% at $32.174
  • Platinum up $7.81 or +0.83% at $948.46