WTI Futures Breach Support at $80.20
The medium-term trend condition in WTI futures remains bullish and the recent move lower still appears to be a correction. However, the contract has breached support at $80.20, the Oct 6 low. The break highlights a stronger short-term reversal. A continuation lower would pave the way for a move towards $77.03, the Aug 24 low. On the upside, a break of resistance at $85.90, the Oct 27 high, is required to reinstate a bullish theme. The trend condition in Gold is unchanged - the uptrend remains intact and the latest pullback appears to be a correction. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, May 15 high. Initial firm pivot support lies at $1935.3, the 50-day EMA. Clearance of this level is required to signal a short-term top.
- WTI Crude down $1.75 or -2.17% at $79.09
- Natural Gas down $0.03 or -0.95% at $3.232
- Gold spot down $10.39 or -0.53% at $1967.44
- Copper down $4.35 or -1.17% at $367.5
- Silver down $0.28 or -1.2% at $22.7471
- Platinum down $9.52 or -1.05% at $899.8