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Heading North


Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

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  • A uniformly positive set of DoE crude oil inventories numbers boosted WTI and Brent crude futures back into positive territory after a relatively saggy start. The weekly DoE release saw an unexpected draw in reserves for headline crude (-431k vs. Exp. +1.28mln) and both distillates and gasoline stocks saw a far larger draw than expected.
  • The release saw a solid $2/bbl rally in Nov21 WTI futures, allowing the energy complex to retain its currently bullish stature. The focus is on $85.01 next, a Fibonacci projection.
  • Gold traded well Wednesday, breaking back above the 50-dma, which continues to provide an anchor for prices. Key short-term resistance has been defined at $1800.6, the Oct 14 high. A resumption of weakness would expose support at $1746.0, Oct 6 low and clearance of this level would reinforce a bearish threat and attention would turn to $1721.7, Sep 29 low. For bulls, a break of $1800.6 is required to reinstate the recent bullish theme.