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WTI Breaches Key $70.86 Dec 9 Low and $70.00 Support Levels

COMMODITIES

WTI futures remain vulnerable and yesterday’s move lower resulted in the break of key support at $70.86, the Dec 9 low. The move down confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has cleared the psychological $70.00 handle. Attention is on $65.60, the Dec 3 2021 low. Initial resistance is at $72.56, yesterday’s high. Gold remains bullish and the metal traded higher yesterday. Resistance at $1858.3, the Mar 6 high, has recently been cleared and the latest rally signals scope for an extension towards $1959.7, the Feb 2 high and a key near-term resistance. On the downside, initial firm support is seen at $1851.9, the 50-day EMA. A break of this level is required to signal a top - this would expose the bear trigger at $1804.9, the Feb 28 low.


  • WTI Crude up $0.35 or +0.52% at $68.2
  • Natural Gas up $0.03 or +1.07% at $2.467
  • Gold spot up $0.72 or +0.04% at $1921.51
  • Copper up $3.5 or +0.91% at $389
  • Silver up $0.1 or +0.46% at $21.9499
  • Platinum up $6.07 or +0.63% at $975.21

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