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COMMODITIES: Tuesday's Reversal Lower in WTI Futures Considered Corrective

COMMODITIES
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WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains  suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.41, the 20-day EMA. The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2615.7, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude up $0.34 or +0.46% at $73.98
  • Natural Gas down $0.04 or -1.35% at $2.697
  • Gold spot down $6.38 or -0.24% at $2614.86
  • Copper down $1.05 or -0.24% at $444.6
  • Silver down $0.07 or -0.23% at $30.5835
  • Platinum down $3.67 or -0.38% at $954.19
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WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains  suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.41, the 20-day EMA. The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2615.7, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude up $0.34 or +0.46% at $73.98
  • Natural Gas down $0.04 or -1.35% at $2.697
  • Gold spot down $6.38 or -0.24% at $2614.86
  • Copper down $1.05 or -0.24% at $444.6
  • Silver down $0.07 or -0.23% at $30.5835
  • Platinum down $3.67 or -0.38% at $954.19