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COMMODITIES: WTI Futures Holding Onto Bulk of Thursday's Gains

COMMODITIES
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WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.99, the 20-day EMA. The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2616.3, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $0.69 or -0.91% at $75.16
  • Natural Gas up $0.01 or +0.34% at $2.684
  • Gold spot up $10.28 or +0.39% at $2640.11
  • Copper up $1.75 or +0.4% at $444.45
  • Silver down $0.02 or -0.05% at $31.15
  • Platinum up $2.72 or +0.28% at $974.65
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WTI futures traded higher Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.99, the 20-day EMA. The latest short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2616.3, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $0.69 or -0.91% at $75.16
  • Natural Gas up $0.01 or +0.34% at $2.684
  • Gold spot up $10.28 or +0.39% at $2640.11
  • Copper up $1.75 or +0.4% at $444.45
  • Silver down $0.02 or -0.05% at $31.15
  • Platinum up $2.72 or +0.28% at $974.65