COMMODITIES: Bearish Conditions in WTI Futures Remains Intact
WTI futures remain in a bearish condition. Last Tuesday’s strong sell-off reinforces current conditions and this confirmed an extension of the bear cycle. The most recent bounce appears to be a short-term correction that is allowing an oversold condition to unwind. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.06, the 20-day EMA. A bullish structure in Gold remains intact and the metal is starting the week on a firm note, trading once again, to a fresh all-time high. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2600.0 next. Firm support lies at $2508.5, the 20-day EMA.
- WTI Crude up $0.69 or +1.01% at $69.31
- Natural Gas down $0.01 or -0.56% at $2.292
- Gold spot up $9.55 or +0.37% at $2587.1
- Copper down $2.4 or -0.57% at $421.2
- Silver up $0.22 or +0.71% at $30.9285
- Platinum down $3.2 or -0.32% at $995.15