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COMMODITIES: WTI Futures Continue to Trade Close to Recent Highs

COMMODITIES
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The trend structure in WTI futures remains bullish and the contract traded higher again Monday. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.69. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.9, the 50-day EMA.

  • WTI Crude up $0.11 or +0.14% at $78.94
  • Natural Gas down $0.15 or -3.89% at $3.782
  • Gold spot up $5.09 or +0.19% at $2667.46
  • Copper up $1.5 or +0.35% at $434.35
  • Silver up $0.1 or +0.35% at $29.7113
  • Platinum up $0.36 or +0.04% at $956.85
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The trend structure in WTI futures remains bullish and the contract traded higher again Monday. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.69. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.9, the 50-day EMA.

  • WTI Crude up $0.11 or +0.14% at $78.94
  • Natural Gas down $0.15 or -3.89% at $3.782
  • Gold spot up $5.09 or +0.19% at $2667.46
  • Copper up $1.5 or +0.35% at $434.35
  • Silver up $0.1 or +0.35% at $29.7113
  • Platinum up $0.36 or +0.04% at $956.85