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COMMODITIES: Recent Move Lower in Gold Undermines a Bullish Theme

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 lower Wednesday. 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 $2645.0, the 20-day EMA. A breach of it would be positive for bulls.

  • WTI Crude down $0.55 or -0.79% at $68.77
  • Natural Gas up $0.06 or +1.7% at $3.643
  • Gold spot up $11.4 or +0.44% at $2605.67
  • Copper up $1.75 or +0.43% at $409.2
  • Silver down $0.19 or -0.64% at $28.8685
  • Platinum down $0.38 or -0.04% at $924.35
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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 lower Wednesday. 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 $2645.0, the 20-day EMA. A breach of it would be positive for bulls.

  • WTI Crude down $0.55 or -0.79% at $68.77
  • Natural Gas up $0.06 or +1.7% at $3.643
  • Gold spot up $11.4 or +0.44% at $2605.67
  • Copper up $1.75 or +0.43% at $409.2
  • Silver down $0.19 or -0.64% at $28.8685
  • Platinum down $0.38 or -0.04% at $924.35