COMMODITIES: WTI Futures Respect Resistance at 50-Day EMA
WTI futures traded in a volatile manner Tuesday and the contract has recovered from its recent lows. Resistance at the 50-day EMA, at $71.69, remains intact. A clear breach of this EMA is required to highlight a stronger reversal that would open $76.40, the Aug 26 high. A reversal lower would refocus attention on the key support and bear trigger at $64.61, the Sep 10 low. Clearance of this level would resume the downtrend. Gold is unchanged and bulls remain in the driver’s seat. Recent gains confirm a resumption of the primary uptrend and maintain 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 $2690.2 next, a Fibonacci projection. Firm support lies at $2596.8, the 20-day EMA.
- WTI Crude up $1.55 or +2.22% at $71.37
- Natural Gas up $0.03 or +1.17% at $2.928
- Gold spot down $11.21 or -0.42% at $2651.93
- Copper up $2.4 or +0.52% at $461.4
- Silver up $0.03 or +0.09% at $31.4818
- Platinum up $2.85 or +0.29% at $996.92