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Recent Move Lower in WTI Futures Likely Corrective


WTI futures traded higher last week and the contract remains in bull-mode condition. The move lower from recent highs appears to be a correction. Key support is at $80.20, the Oct 6 low. The medium-term trend condition is bullish and an extension higher would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, would highlight a short-term top. Gold traded higher last week, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, a Fibonacci retracement point. Initial firm pivot support lies at $1907.7, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

  • WTI Crude down $0.21 or -0.25% at $85.2
  • Natural Gas down $0.04 or -1.3% at $2.888
  • Gold spot down $0.28 or -0.01% at $1972.34
  • Copper down $0.6 or -0.17% at $358.15
  • Silver down $0.02 or -0.08% at $22.945
  • Platinum down $5.31 or -0.59% at $893.29

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