COMMODITIES: WTI Futures Continue to Trade Above Resistance at 50-Day EMA

WTI futures have recovered from their recent lows and the contract traded sharply higher Monday. The move is considered corrective, however, price has breached resistance at $76.30, the 50-day EMA. The clear break of the average undermines the recent bearish theme and attention turns to key resistance at $78.54, the Aug 12 high. For bears, a reversal lower would refocus attention on $70.88 key support. Gold remains in a bull-mode condition and the yellow metal is trading at its recent highs. The recent 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 $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2466.7, the 20-day EMA.

• WTI Crude down $0.38 or -0.49% at $77.06
• Natural Gas down $0.04 or -1.99% at $1.916
• Gold spot down $6.86 or -0.27% at $2510.69
• Copper up $1.2 or +0.28% at $429.25
• Silver up $0.04 or +0.15% at $29.9367
• Platinum down $2.45 or -0.25% at $960.9