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COMMODITIES: WTI Futures Close to Recent Lows, MA Studies in Bear Mode

COMMODITIES
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WTI futures have reversed a large part of their recent gains. This affirms the strength of resistance at the 50-day EMA of $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2589.8, the 20-day EMA.

  • WTI Crude down $1.52 or -2.23% at $66.7
  • Natural Gas down $0.03 or -0.89% at $2.896
  • Gold spot up $10.11 or +0.38% at $2644.6
  • Copper down $0.45 or -0.1% at $454.8
  • Silver up $0.2 or +0.64% at $31.3597
  • Platinum up $3.02 or +0.31% at $984.38
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WTI futures have reversed a large part of their recent gains. This affirms the strength of resistance at the 50-day EMA of $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2589.8, the 20-day EMA.

  • WTI Crude down $1.52 or -2.23% at $66.7
  • Natural Gas down $0.03 or -0.89% at $2.896
  • Gold spot up $10.11 or +0.38% at $2644.6
  • Copper down $0.45 or -0.1% at $454.8
  • Silver up $0.2 or +0.64% at $31.3597
  • Platinum up $3.02 or +0.31% at $984.38