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COMMODITIES: WTI Futures Breach Initial Resistance, Strenghening Bullish Theme

COMMODITIES
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WTI futures have traded higher this week as the contract extends recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance at $71.97, the Nov 7 high, was breached yesterday, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $70.13. This average is seen as a key short-term support. Despite the latest recovery, a bear threat in Gold 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 continuation higher would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.33 or -0.45% at $72.81
  • Natural Gas down $0.13 or -3.5% at $3.535
  • Gold spot down $4.42 or -0.17% at $2653.94
  • Copper up $0.65 or +0.16% at $403.05
  • Silver up $0.14 or +0.48% at $29.7091
  • Platinum up $9.31 or +1.01% at $933.95
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WTI futures have traded higher this week as the contract extends recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance at $71.97, the Nov 7 high, was breached yesterday, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $70.13. This average is seen as a key short-term support. Despite the latest recovery, a bear threat in Gold 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 continuation higher would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.33 or -0.45% at $72.81
  • Natural Gas down $0.13 or -3.5% at $3.535
  • Gold spot down $4.42 or -0.17% at $2653.94
  • Copper up $0.65 or +0.16% at $403.05
  • Silver up $0.14 or +0.48% at $29.7091
  • Platinum up $9.31 or +1.01% at $933.95