WTI, Gold Dip Lower From Recent Highs

WTI futures traded higher again Monday before fading slightly through Tuesday morning. The outlook remains bullish and the contract yesterday pierced resistance at $92.34, the Oct 12 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards resistance at $95.55. Moving average studies are beginning to display a bull mode position, reinforcing the current positive outlook. Support lies at $85.30, the Oct 31 low. Gold found support Friday and finished last week’s session on a bullish note. The rally Friday resulted in a print above the 50-day EMA at $1679.1. A clear breach of this EMA would highlight a short-term reversal and suggests potential for further gains near-term. This would open $1714.8, the Oct 7 high. Key support is unchanged at $1615.0, the Sep 28 low.

• WTI Crude down $0.81 or -0.88% at $90.94
• Natural Gas down $0.42 or -6.08% at $6.528
• Gold spot down $4.92 or -0.29% at $1670.69
• Copper down $0.2 or -0.06% at $359.5
• Silver down $0.1 or -0.5% at $20.7056
• Platinum down $7.38 or -0.75% at $977.63