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COMMODITIES: WTI Futures Holding on to Bulk of Recent Gains

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WTI futures are holding on to the bulk of their recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $70.78. This average is seen as a key short-term support. A bear threat in Gold remains present despite the latest recovery. 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 resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.34 or -0.46% at $73.32
  • Natural Gas down $0.15 or -4.09% at $3.524
  • Gold spot up $5.34 or +0.2% at $2641.45
  • Copper up $3.15 or +0.76% at $419.45
  • Silver up $0.24 or +0.8% at $30.1951
  • Platinum up $10.36 or +1.11% at $946.97
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WTI futures are holding on to the bulk of their recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $70.78. This average is seen as a key short-term support. A bear threat in Gold remains present despite the latest recovery. 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 resumption of gains would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.

  • WTI Crude down $0.34 or -0.46% at $73.32
  • Natural Gas down $0.15 or -4.09% at $3.524
  • Gold spot up $5.34 or +0.2% at $2641.45
  • Copper up $3.15 or +0.76% at $419.45
  • Silver up $0.24 or +0.8% at $30.1951
  • Platinum up $10.36 or +1.11% at $946.97