Yesterday's Move Lower Reinforces Bearish Theme in WTI Futures

The trend outlook in WTI futures is unchanged, it remains bearish and yesterday’s move lower reinforces this set-up. Resistance to watch is at $79.65, the Nov 14 high. A breach of this hurdle would strengthen any developing bullish threat and open $83.20, the Nov 3 high. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would confirm a resumption of the downtrend. The trend condition in Gold remains bullish and this week’s strong rally reinforces this set-up. The yellow metal has traded through resistance at $2009.4, the Nov 7 high. The clear break of this hurdle has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high at $2070.4 (Mar 8 ‘22). Initial firm support is at $1994.0, the 20-day EMA.

• WTI Crude down $0.38 or -0.5% at $75.56
• Natural Gas down $0.02 or -0.82% at $2.778
• Gold spot up $10.65 or +0.52% at $2047.45
• Copper up $3.9 or +1.01% at $388.85
• Silver up $0.05 or +0.21% at $25.335
• Platinum up $7.95 or +0.86% at $937.75