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COMMODITIES: WTI Futures Respect Resistance at 50-Day EMA

COMMODITIES
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WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been pierced and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. Note that MA 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. Gold bulls remain in the driver’s seat and the yellow metal has again traded 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 $2675.5 next, a Fibonacci projection. Firm support lies at $2558.0, the 20-day EMA.

  • WTI Crude down $0.21 or -0.29% at $71.38
  • Natural Gas up $0.05 or +1.84% at $2.597
  • Gold spot down $1.46 or -0.05% at $2655.83
  • Copper down $1.45 or -0.32% at $447.75
  • Silver down $0.23 or -0.73% at $31.8762
  • Platinum down $4.96 or -0.5% at $985.59
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WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been pierced and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. Note that MA 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. Gold bulls remain in the driver’s seat and the yellow metal has again traded 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 $2675.5 next, a Fibonacci projection. Firm support lies at $2558.0, the 20-day EMA.

  • WTI Crude down $0.21 or -0.29% at $71.38
  • Natural Gas up $0.05 or +1.84% at $2.597
  • Gold spot down $1.46 or -0.05% at $2655.83
  • Copper down $1.45 or -0.32% at $447.75
  • Silver down $0.23 or -0.73% at $31.8762
  • Platinum down $4.96 or -0.5% at $985.59