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WTI, Brent Pull Lower to Fade Thursday Rally

COMMODITIES
  • WTI futures traded lower earlier this week but did find support at Wednesday's low. A deeper retracement would signal scope for weakness towards $65.60, the Dec 3 low. The major support is at the Dec 2 low of $62.43. On the upside, clearance of $73.34, Dec 9 high and $74.05 the 50-day EMA would reinstate a bullish focus and open $78.65, Nov 26 low. MA studies are pointing south. This suggests short-term gains are corrective.
  • Gold is firmer and is extending the recovery from $1753.7, the Dec 15 low. The yellow metal has this week attempted to clear the base of its bull channel drawn from the Aug 9 low and it appears the move lower has been a false break. Initial resistance at $1794.5, Dec 1 high has been cleared and this signals potential for a stronger recovery with the focus on $1815.6, the Nov 26 high.
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