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COMMODITIES: WTI Futures Remain Below Wednesday's Highs

COMMODITIES
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WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high. Gold is trading lower today and a short-term bear cycle remains in play, for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2305.5, represents a key support. 

  • WTI Crude down $0.19  or -0.24% at $79.05
  • Natural Gas down $0.01 or -0.45% at $2.654
  • Gold spot down $4.03 or -0.17% at $2334.93
  • Copper down $8.9 or -1.86% at $470.3
  • Silver down $0.46 or -1.44% at $31.5245
  • Platinum down $0.65 or -0.06% at $1040.09
     
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WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high. Gold is trading lower today and a short-term bear cycle remains in play, for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2305.5, represents a key support. 

  • WTI Crude down $0.19  or -0.24% at $79.05
  • Natural Gas down $0.01 or -0.45% at $2.654
  • Gold spot down $4.03 or -0.17% at $2334.93
  • Copper down $8.9 or -1.86% at $470.3
  • Silver down $0.46 or -1.44% at $31.5245
  • Platinum down $0.65 or -0.06% at $1040.09