COMMODITIES: Recent Gains for WTI Futures Still Considered Corrective
Recent gains in WTI futures are considered corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend condition in Gold is unchanged and remains bullish. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch lies at the 50-day EMA, at $4009.2. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- WTI Crude up $0.63 or +1.07% at $59.25
- Natural Gas up $0.11 or +2.21% at $4.946
- Gold spot down $4.55 or -0.11% at $4200.94
- Copper up $10.35 or +1.97% at $534.75
- Silver down $0.34 or -0.57% at $58.129
- Platinum down $5.14 or -0.31% at $1639.75
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FOREX: FX OPTION EXPIRY
Of note:
USDCAD 1.08bn at 1.3980/1.3985 (tue).
AUDUSD ~1bn at 0.6625 (tue).
NZDUSD 2.1bn at 0.5650/0.5675 (wed).
EURUSD 1.65bn at 1.1550 (thu).
USDCAD 2.25bn at 1.3900 (fri).
- EURUSD: 1.1475 (567mln), 1.1515 (496mln), 1.1525 (554mln), 1.1540 (460mln), 1.1550 (340mln), 1.1560 (270mln), 1.1570 (356mln), 1.1600 (561mln).
- GBPUSD: 1.3100 (468mln).
- EURGBP: 0.8775 (300mln).
MNI: UK OCT FINAL MANUF PMI 49.7 (49.6 FLASH, 46.2 SEP)
- MNI: UK OCT FINAL MANUF PMI 49.7 (49.6 FLASH, 46.2 SEP)
