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COMMODITIES: WTI Futures Hold on to This Week's Gains

COMMODITIES
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WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high. Gold is trading just ahead of its recent low. The medium-term trend structure remains bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2304.2, represents a key support. A clear break of it would be bearish. 

  • WTI Crude up $0.61 or +0.76% at $80.43
  • Natural Gas up $0.01 or +0.39% at $2.6
  • Gold spot down $13.41 or -0.57% at $2347.93
  • Copper down $1.45 or -0.3% at $484.4
  • Silver down $0.02 or -0.07% at $32.091
  • Platinum down $8.01 or -0.75% at $1056.53
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WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high. Gold is trading just ahead of its recent low. The medium-term trend structure remains bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2304.2, represents a key support. A clear break of it would be bearish. 

  • WTI Crude up $0.61 or +0.76% at $80.43
  • Natural Gas up $0.01 or +0.39% at $2.6
  • Gold spot down $13.41 or -0.57% at $2347.93
  • Copper down $1.45 or -0.3% at $484.4
  • Silver down $0.02 or -0.07% at $32.091
  • Platinum down $8.01 or -0.75% at $1056.53