Free Trial

WTI Hits New Pullback Low, Reinforces Bearish Condition

COMMODITIES

Gold traded in a volatile manner Monday. The trend condition is bullish and Monday’s initial gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.4 and this signals potential for a climb towards $2177.6 next, a Fibonacci projection. Bearish conditions in WTI futures remain intact and Wednesday’s sell-off reinforces this condition. The contract has cleared support at $72.37, the Nov 16 low. The break lower confirms a resumption of the downtrend and note too that moving average studies are in a bear-mode position.

  • WTI Crude up $0.98 or +1.41% at $70.3
  • Natural Gas up $0.01 or +0.19% at $2.588
  • Gold spot up $1.58 or +0.08% at $2030.33
  • Copper up $3.7 or +0.97% at $383.5
  • Silver up $0.01 or +0.06% at $23.8307
  • Platinum up $16.19 or +1.78% at $926.56

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.