Commodities Market Morning Brief: December-10-2015

Posted on Posted in Commodities

WTI Crude Oil January-2016 Futures: Crude Oil made a new low @ 36.52 and then rebounded to 37.28 for a dead cat bounce. It is currently trading @ 36.83 and faces short-term resistance @ 37 and then 37.50 levels. It has taken another step downward in its descent and the trend remains bearish. Meanwhile, news released this morning has OPEC’s November oil production at 31.695mm bbl/day vs. October @  31.465mm, its highest level since 2009. Such news offsets yesterday’s decrease in U.S. Crude Oil inventories. (7:00am PT)

Gold February-2016 Futures: Currently trading @ 1070.70, the shiny yellow metal is fading against dollar strength. Price resistance is @ 1075 and support is @ 1068. A 61.8% intraday Fibonacci retracement could send gold back to 1062 as it is showing short-term bearish patterns. (7:06am PT)

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