WTI Pares Losses Yesterday Following Sharp Sell-Off

WTI futures sold off sharply Monday before retracing its losses. A bearish theme remains in place following recent weakness and an extension of the reversal from $92.53, Nov 7 high. Support at $80.49, Oct 18 low and a bear trigger, was cleared Friday. $79.11, 76.4% of the Sep 28 - Nov 7 bull phase has also been cleared. Attention is on $74.96, the Sep 28 low and the next key support. Initial firm resistance is seen at $85.38, the 50-day EMA. Short-term trend conditions in Gold remain bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.5, the Oct 4 high. This strengthens the current bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low. The bull trigger is at $1786.5, the Nov 15 high.

• WTI Crude up $0.45 or +0.56% at $80.37
• Natural Gas down $0.27 or -4.03% at $6.501
• Gold spot up $8.78 or +0.51% at $1746.94
• Copper up $2.55 or +0.71% at $359.9
• Silver up $0.36 or +1.7% at $21.2062
• Platinum up $10.78 or +1.09% at $995.71