COMMODITIES: Gold Continues to Trade in Tight Range, Still Close to Recent Highs

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This also  maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $71.56, the 20-day EMA. Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2453.4, the 50-day EMA. Short-term weakness is considered corrective.

• WTI Crude up $0.82 or +1.22% at $68.11
• Natural Gas down $0.02 or -0.84% at $2.249
• Gold spot up $4.97 or +0.2% at $2516.62
• Copper up $8.25 or +1.99% at $422.4
• Silver up $0.13 or +0.45% at $28.8034
• Platinum down $0.85 or -0.09% at $956.64