COMMODITIES: Recent Recovery in WTI Futures Still Deemed Corrective
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 $2646.4, the 50-day EMA, ahead of $2605.3, the Nov 26 low.
- WTI Crude up $0.27 or +0.39% at $70.31
- Natural Gas down $0 or -0.06% at $3.452
- Gold spot down $9.67 or -0.36% at $2671.54
- Copper down $2.1 or -0.49% at $422.55
- Silver down $0.31 or -0.99% at $30.7115
- Platinum down $1.38 or -0.15% at $932.47