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Short-Term Gold Conditions Remain Bullish Following Last Week's Rally

COMMODITIES
  • WTI futures appear vulnerable following last week’s bearish price activity and the contract is trading at this week’s lows. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day and these patterns highlighted an early reversal signal. A continuation lower would open $81.30, the Oct 18 low and a key support. On the upside, key short-term resistance is at $93.74, Nov 7 high.
  • Short-term trend conditions in Gold remain bullish. Last week’s rally resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and opens the $1800.0 handle and a key resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low. A pullback would be considered corrective.

  • WTI Crude down $0.76 or -0.89% at $85.27
  • Natural Gas up $0.17 or +2.79% at $6.376
  • Gold spot down $6.73 or -0.38% at $1768.1
  • Copper down $3.6 or -0.95% at $375.2
  • Silver down $0.31 or -1.42% at $21.1994
  • Platinum down $2.59 or -0.26% at $1008.45
Energy BulletsCommodities
Energy BulletsCommodities

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