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WTI at Best Levels of the Week, Gold Hits New Monthly Low Overnight

COMMODITIES

WTI futures have recovered from Tuesday’s low of $82.09 to trade at the best levels of the week. Nonetheless, the outlook remains bearish and a resumption of weakness would open $80.35, a Fibonacci retracement and potentially $76.25 further out, the Sep 26 low. Initial firm resistance to watch is at $90.07, Oct 12 high. Gold traded lower Wednesday, with weakness persisting in Asia-Pac trade. The yellow metal maintains a softer tone following the recent reversal from $1729.5, Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. The focus is on the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, a breach of $1729.5 is required to reinstate a bullish theme.


  • WTI Crude up $1.31 or +1.53% at $86.86
  • Natural Gas up $0.07 or +1.3% at $5.537
  • Gold spot up $4.69 or +0.29% at $1630.84
  • Copper up $3.7 or +1.12% at $334.55
  • Silver up $0.05 or +0.27% at $18.4702
  • Platinum up $2.33 or +0.26% at $887.33
Energy BulletsCommodities
Energy BulletsCommodities

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