COMMODITIES: WTI Futures Extend Pullback From Monday's Highs

WTI futures have recovered from their recent lows and the contract traded sharply higher Monday. The climb is considered corrective, however, price has traded through the 50-day EMA. A clear break of this average would undermine the recent bearish theme. Attention is on key resistance at $78.54, the Aug 12 high. For bears, a stronger reversal lower would refocus attention on $70.88 key support. Bullish trend conditions in Gold remain intact. The recent breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies are in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2472.2, the 20-day EMA. Short-term weakness would be considered corrective.

• WTI Crude down $0.65 or -0.86% at $74.86
• Natural Gas down $0.01 or -0.32% at $1.898
• Gold spot down $16.33 or -0.65% at $2508.34
• Copper down $6.05 or -1.41% at $424.25
• Silver down $0.43 or -1.45% at $29.5415
• Platinum down $17.19 or -1.79% at $945.34