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WTI Futures Sink to Lowest Since January


Trend conditions in WTI futures remain bearish and yesterday’s move lower reinforces this theme. The sell-off on Nov 28, resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend and sights are on $73.38, a Fibonacci projection and the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Key resistance is at $83.04, the 50-day EMA. Trend conditions in Gold remain bullish and Monday’s retracement - for now - appears to be a correction. Last week’s gains reinforce a bullish theme and price has breached $1786.5, Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high that has been pierced. A clear break would be bullish. Key trend support is at $1729.0, the Nov 23 low.

  • WTI Crude down $0.4 or -0.54% at $73.82
  • Natural Gas up $0.18 or +3.25% at $5.639
  • Gold spot up $0.88 or +0.05% at $1771.98
  • Copper down $2.7 or -0.71% at $379.15
  • Silver up $0.09 or +0.41% at $22.2875
  • Platinum down $7.31 or -0.74% at $984.19

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