WTI futures have traded lower this week as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is bullish and the recent move lower appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top. Gold conditions are unchanged - the metal remains firm and is holding on to the bulk of its recent gains. Price has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, a Fibonacci retracement point. Initial firm pivot support lies at $1915.3, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

• WTI Crude up $1.63 or +1.96% at $84.85
• Natural Gas up $0.11 or +3.42% at $3.324
• Gold spot up $2.28 or +0.11% at $1986.58
• Copper up $3.3 or +0.92% at $361.7
• Silver up $0.04 or +0.2% at $22.831
• Platinum up $2.85 or +0.31% at $908.85