Gold Sees Support Ahead of Multi-Year Low

WTI futures are trading higher today. The outlook is bullish and the continued recovery from Monday’s low reinforces this theme. The contract has defined a key short-term support at $81.30, the Oct 18 low and has recently cleared resistance at $88.66, the Oct 12 high. The break of this hurdle signals scope for a climb towards $92.34, the Oct 10 high and a key resistance. On the downside, initial firm support lies at $85.30, the Oct 31 low. A downtrend in Gold remains intact. A bearish theme follows the reversal from $1729.5, Oct 4 high and the subsequent move lower signals the end of the Sep 28 - Oct 4 bull phase. A continuation lower would open key support and the bear trigger at $1615.0, Sep 28 low. A break of this level would resume the downtrend. On the upside, the next firm resistance is at $1679.1, the 50-day EMA.

• WTI Crude up $1.88 or +2.13% at $90.05
• Natural Gas up $0.18 or +3.03% at $6.158
• Gold spot up $18.35 or +1.13% at $1647.69
• Copper up $8.7 or +2.54% at $351.5
• Silver up $0.32 or +1.62% at $19.8102
• Platinum up $9.99 or +1.08% at $933.07