COMMODITIES: WTI Futures Remain Below Key Support at $70.88

WTI futures maintain a softer tone following this week’s sharp sell-off. The break lower has 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 $74.13, the 20-day EMA. The trend 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. The recent breach of $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. The 20-day EMA has been pierced. The next firm support to watch lies at $2440.9, the 50-day EMA. Short-term weakness is considered corrective.

• WTI Crude up $0.4 or +0.58% at $69.65
• Natural Gas down $0 or -0.09% at $2.144
• Gold spot up $18.37 or +0.74% at $2515.21
• Copper up $2.1 or +0.51% at $409.9
• Silver up $0.46 or +1.62% at $28.7188
• Platinum up $16.09 or +1.77% at $926.93