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COMMODITIES: WTI Futures Holding Onto This Week's Gains, Remain Above 20-Day EMA

COMMODITIES
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WTI futures are holding on to their latest gains. The move higher since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $64.61 next, a Fibonacci projection point. The 20-day EMA, at $70.09, has been pierced. A clear break of it would open $72.58, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2613.3 next. Firm support lies at $2542.3, the 20-day EMA.

  • WTI Crude up $0.63 or +0.89% at $71.58
  • Natural Gas up $0.03 or +1.09% at $2.31
  • Gold spot up $25.18 or +0.98% at $2583.99
  • Copper up $6.65 or +1.55% at $436.7
  • Silver up $1.06 or +3.52% at $31.135
  • Platinum up $17.12 or +1.76% at $990.17
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WTI futures are holding on to their latest gains. The move higher since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $64.61 next, a Fibonacci projection point. The 20-day EMA, at $70.09, has been pierced. A clear break of it would open $72.58, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2613.3 next. Firm support lies at $2542.3, the 20-day EMA.

  • WTI Crude up $0.63 or +0.89% at $71.58
  • Natural Gas up $0.03 or +1.09% at $2.31
  • Gold spot up $25.18 or +0.98% at $2583.99
  • Copper up $6.65 or +1.55% at $436.7
  • Silver up $1.06 or +3.52% at $31.135
  • Platinum up $17.12 or +1.76% at $990.17