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COMMODITIES: Recent Gains in WTI Futures Still Considered Corrective

COMMODITIES
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, 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 $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded sharply lower on Dec 18. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2642.9, the 20-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.36 or +0.52% at $69.83
  • Natural Gas up $0.16 or +4.14% at $3.896
  • Gold spot up $4.25 or +0.16% at $2627.82
  • Copper up $2.25 or +0.55% at $412.3
  • Silver up $0.22 or +0.75% at $29.7515
  • Platinum up $11.14 or +1.2% at $939.11
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A bearish threat in WTI futures remains present and recent gains are - for now - considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, 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 $76.41, the Oct 8 high. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high. Gold traded sharply lower on Dec 18. The move down undermines a recent bullish theme. A resumption of weakness would signal scope for an extension towards the key support at $2536.9, the Nov 14 low. Moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the latest sell-off is likely a correction. Initial pivot resistance is $2642.9, the 20-day EMA. A breach of this EMA would be positive for bulls.

  • WTI Crude up $0.36 or +0.52% at $69.83
  • Natural Gas up $0.16 or +4.14% at $3.896
  • Gold spot up $4.25 or +0.16% at $2627.82
  • Copper up $2.25 or +0.55% at $412.3
  • Silver up $0.22 or +0.75% at $29.7515
  • Platinum up $11.14 or +1.2% at $939.11