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COMMODITIES: WTI Futures Maintain a Firm Tone at the Start of the Week

COMMODITIES
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WTI futures traded higher last week and maintained a firmer tone. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.27, has been pierced. The next key resistance is $72.46, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a Fibonacci projection. Firm support lies at $2539.0, the 20-day EMA.

  • WTI Crude down $0.08 or -0.11% at $70.94
  • Natural Gas up $0.06 or +2.38% at $2.491
  • Gold spot down $4.47 or -0.17% at $2616.62
  • Copper down $4.3 or -0.99% at $429.65
  • Silver down $0.79 or -2.53% at $30.3896
  • Platinum down $22.71 or -2.32% at $956.92
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WTI futures traded higher last week and maintained a firmer tone. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.27, has been pierced. The next key resistance is $72.46, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a Fibonacci projection. Firm support lies at $2539.0, the 20-day EMA.

  • WTI Crude down $0.08 or -0.11% at $70.94
  • Natural Gas up $0.06 or +2.38% at $2.491
  • Gold spot down $4.47 or -0.17% at $2616.62
  • Copper down $4.3 or -0.99% at $429.65
  • Silver down $0.79 or -2.53% at $30.3896
  • Platinum down $22.71 or -2.32% at $956.92