COMMODITIES: WTI Futures Remain Close to Wednesday's Lows

A bearish theme in WTI futures remains in play and the contract has traded sharply lower this week. The move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger short-term reversal and a continuation lower would pave the way for a move towards $74.26, 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60. The recent uptrend in Gold remains intact and the latest pullback appears to be a correction - for now. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. This strengthens a bullish theme and a resumption of gains would open $2022.20 next, May 15 high. Initial firm pivot support lies at $1937.2, the 50-day EMA. Clearance of this level is required to signal a short-term top.

• WTI Crude up $0.73 or +0.97% at $76.01
• Natural Gas up $0.03 or +1.06% at $3.139
• Gold spot down $3.59 or -0.18% at $1946.8
• Copper down $2.2 or -0.6% at $361.75
• Silver down $0.12 or -0.54% at $22.4397
• Platinum down $5.92 or -0.68% at $865.6