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WTI Futures Extend Latest Recovery

COMMODITIES

WTI futures traded higher Friday and the contract has moved higher this week. The latest recovery has highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle. Gold traded sharply higher last Friday, clearing the 20- and 50-day EMAs. The yellow metal is firmer today. The rally strengthens the recent reversal and exposes the next key resistance at $1953.0, the Sep 1 high. Clearance of this level would further strengthen a bullish theme. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below Friday's low of $1868.8 to signal a reversal.


  • WTI Crude up $2.09 or +2.41% at $88.75
  • Natural Gas down $0.03 or -0.97% at $3.052
  • Gold spot up $16.58 or +0.86% at $1939.63
  • Copper up $3.8 or +1.06% at $361.6
  • Silver up $0.37 or +1.6% at $23.175
  • Platinum up $9.19 or +1.02% at $909.02

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