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COMMODITIES: Move Lower in WTI Futures Could Expose Key Support

COMMODITIES

WTI futures have been unable to hold on to recent gains and the contract continues to trade lower. The move down undermines a recent bullish theme and this has exposed key support at $71.67, the Aug 5 low and the bear trigger. A break would resume the downtrend that started Apr 12. On the upside, initial resistance to watch is $76.94, the 20-day EMA. Key short-term resistance has been defined at $80.16, the Aug 12 high. Gold remains bullish and is holding on to its latest gains. Last Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2528.4, a Fibonacci projection. Initial support to watch lies at $2439.4, the 20-day EMA.

  • WTI Crude down $0.87 or -1.17% at $73.5
  • Natural Gas down $0 or -0.13% at $2.233
  • Gold spot up $16.24 or +0.65% at $2521.08
  • Copper up $0.6 or +0.14% at $422.25
  • Silver up $0.24 or +0.82% at $29.6866
  • Platinum up $5.75 or +0.6% at $965.89
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