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COMMODITIES: Trend Structure in WTI Futures Remains Bullish

COMMODITIES
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The trend structure in WTI futures remains bullish and the contract traded to a fresh cycle high again, yesterday. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.32. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. A bear threat remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a stronger climb would instead signal scope for gains towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.24 or -0.33% at $73.08
  • Natural Gas down $0.06 or -1.53% at $3.598
  • Gold spot up $3.68 or +0.14% at $2665.44
  • Copper up $5.15 or +1.21% at $430.85
  • Silver up $0.16 or +0.53% at $30.263
  • Platinum up $0.51 or +0.05% at $958.97
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The trend structure in WTI futures remains bullish and the contract traded to a fresh cycle high again, yesterday. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.32. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. A bear threat remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a stronger climb would instead signal scope for gains towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.24 or -0.33% at $73.08
  • Natural Gas down $0.06 or -1.53% at $3.598
  • Gold spot up $3.68 or +0.14% at $2665.44
  • Copper up $5.15 or +1.21% at $430.85
  • Silver up $0.16 or +0.53% at $30.263
  • Platinum up $0.51 or +0.05% at $958.97