COMMODITIES: WTI Futures Extend Bearish Reversal

WTI futures have been unable to hold on to recent gains and the contract has traded lower this week, extending the bearish reversal. The latest move down exposes key support at $70.88, 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 $75.25, the 20-day EMA. Key short-term resistance has been defined at $78.54, the Aug 12 high. Gold remains in a bull-mode condition and this week’s fresh cycle high reinforces current conditions. 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 $2452.8, the 20-day EMA.

• WTI Crude down $0.09 or -0.13% at $71.89
• Natural Gas up $0.01 or +0.32% at $2.184
• Gold spot down $9.21 or -0.37% at $2503.29
• Copper up $0.5 or +0.12% at $423
• Silver down $0.11 or -0.37% at $29.5026
• Platinum down $7.63 or -0.79% at $962.07