COMMODITIES: WTI Futures Recover From This Week's Lows

WTI futures have recovered this month from their early August lows. More recently, the contract  traded sharply higher Monday before pulling back. A stronger resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this level would highlight a stronger bullish reversal. For bears, an extension lower would once again expose the $70.88 key support, Aug 5 low. Trend conditions in Gold are unchanged and remain bullish. The recent breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies are still in a bull-mode set-up and this highlights a dominant uptrend. The focus is on a climb towards $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2479.7, the 20-day EMA. Short-term weakness would be considered corrective.

• WTI Crude up $0.4 or +0.53% at $76.27
• Natural Gas up $0.01 or +0.47% at $2.147
• Gold spot up $2.66 or +0.11% at $2524.53
• Copper up $4.75 or +1.12% at $427
• Silver up $0.1 or +0.34% at $29.5343
• Platinum up $3.73 or +0.4% at $945.54