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WTI Futures Hover Around Bear Trigger, Trend Outlook Remains Unchanged

COMMODITIES
  • Following a volatile session, Crude futures are now trading down on the day, with the stronger US dollar and concerns on the demand outlook weighing against remarks from Russian officials that OPEC+ was prepared to deepen cuts in Q1. Russia’s Deputy PM said that OPEC+ was ready for further cuts in Q1, in line with the Saudi Energy Minister’s comments yesterday.
  • The trend outlook for WTI futures is unchanged, it remains bearish and the move lower from last Thursday’s high, reinforces this set-up. On the downside, sights are on the bear trigger at $72.37, the Nov 16 low which was briefly pierced today. Clearance of this level would confirm a resumption of the downtrend and would target $70.96, a Fibonacci retracement point.
  • The firmer dollar also weighed on precious metals with spot gold extending the pullback from Monday’s fresh all-time highs. While the overall price action signals potential for a climb towards 2177.58 next, a Fibonacci projection, price action conveys a short-term pullback, which should be considered corrective - for now. Initial support is $2004.1, the 20-day EMA.
  • A similar story for silver, falling 1.4% on Tuesday, which appears to be unwinding an overbought condition. The next two key support levels to watch lie at $24.064 and $23.480, the 20- and 50-day EMAs.
Energy BulletsCommodities
Energy BulletsCommodities

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