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WTI, Gold Price Action Tuesday Reinforces Bullish Theme

COMMODITIES

The WTI futures outlook is bullish and the recovery from Monday’s low reinforces this theme. The contract has defined a key short-term support at $81.30, the Oct 18 low. Note that resistance at $88.66, the Oct 12 high, has been breached. The break of this hurdle signals scope for gains towards $92.34, the Oct 10 high and a key resistance. On the downside, initial support lies at $85.30, the Oct 31 low. A downtrend in Gold remains intact despite this week’s gains. A bearish theme follows the reversal from $1729.5, Oct 4 high and the move lower signals the end of the Sep 28 - Oct 4 bull phase. A resumption of weakness would open key support and a bear trigger at $1615.0, Sep 28 low. On the upside, the next firm resistance is at $1683.0, the 50-day EMA.


  • WTI Crude up $0.64 or +0.72% at $88.99
  • Natural Gas up $0.2 or +3.47% at $5.885
  • Gold spot up $5.38 or +0.33% at $1653.6
  • Copper up $2.55 or +0.73% at $349.8
  • Silver up $0.06 or +0.3% at $19.6954
  • Platinum up $9.02 or +0.95% at $957.56

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