COMMODITIES: WTI Futures Maintain a Softer Tone, Trading Close to Weekly Lows

WTI futures maintain a softer tone following this week’s sharp sell-off. The break lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $73.66, the 20-day EMA. The trend condition in Gold is unchanged and remains bullish. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has been pierced. The next firm support to watch lies at $2443.9, the 50-day EMA. S/T weakness is considered corrective.

• WTI Crude down $0.04 or -0.06% at $69.16
• Natural Gas up $0.02 or +0.8% at $2.272
• Gold spot up $1.15 or +0.05% at $2517.74
• Copper down $0.45 or -0.11% at $413.25
• Silver down $0.05 or -0.17% at $28.774
• Platinum up $1.16 or +0.12% at $930.76