WTI Rebound Undermines Recent Bearish Theme

The reversal higher in WTI futures on Thursday undermines the bearish theme that developed earlier this week. A key short-term support has been defined at $85.56, yesterday’s low, where a break would confirm a resumption of bearish activity. On the upside, a continuation higher would expose resistance at $93.64, the Oct 10 high. A break of this level would strengthen bullish conditions. Gold traded in a volatile manner Thursday but maintains a softer tone. The recent recovery stalled at $1729.5, Oct 4 high. The reversal signals the end of the climb between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. A continuation lower would expose the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, a break of $1729.5 is required to reinstate a bullish theme.

• WTI Crude down $0.5 or -0.56% at $89.15
• Natural Gas down $0.11 or -1.66% at $6.625
• Gold spot down $3.27 or -0.2% at $1661.68
• Copper up $1.7 or +0.49% at $346.8
• Silver down $0.02 or -0.08% at $18.8565
• Platinum up $2.02 or +0.22% at $904.53