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COMMODITIES: WTI Futures Start the Week on the Front Foot, Trend Remains Bullish

COMMODITIES
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The trend structure in WTI futures remains bullish and the contract is again trading higher, today. 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 $72.05. 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 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 short-term 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 $2642.1, the 50-day EMA.

  • WTI Crude up $1.14 or +1.49% at $77.67
  • Natural Gas up $0.19 or +4.66% at $4.179
  • Gold spot down $4.93 or -0.18% at $2685.01
  • Copper up $1.7 or +0.4% at $432.1
  • Silver down $0.36 or -1.2% at $30.0535
  • Platinum down $6.63 or -0.69% at $959.3
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The trend structure in WTI futures remains bullish and the contract is again trading higher, today. 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 $72.05. 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 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 short-term 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 $2642.1, the 50-day EMA.

  • WTI Crude up $1.14 or +1.49% at $77.67
  • Natural Gas up $0.19 or +4.66% at $4.179
  • Gold spot down $4.93 or -0.18% at $2685.01
  • Copper up $1.7 or +0.4% at $432.1
  • Silver down $0.36 or -1.2% at $30.0535
  • Platinum down $6.63 or -0.69% at $959.3