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WTI Trades Sharply Lower Thursday, Falls to One-Month Low

COMMODITIES
  • WTI futures traded sharply lower Thursday, reinforcing bearish conditions and signalling scope for a continuation near-term. Attention is on the next key support at $81.30, the Oct 18 low and a bear trigger. A break would strengthen the bearish theme and open $79.96, a Fibonacci retracement. Further out, this would also signal scope for weakness towards $75.70, the Sep 26 low. Initial resistance is seen at $86.80, the 50-day EMA.
  • Short-term trend conditions in Gold remain bullish. Recent gains have resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and opens the $1800.0 handle 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.

  • WTI Crude up $0.41 or +0.5% at $81.71
  • Natural Gas down $0.18 or -2.86% at $6.185
  • Gold spot up $5.93 or +0.34% at $1763.36
  • Copper down $2.7 or -0.73% at $369.15
  • Silver up $0.3 or +1.42% at $21.1329
  • Platinum up $3.04 or +0.31% at $982.81

Energy BulletsCommodities
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