COMMODITIES: WTI Futures Sharply Reverse Bulk of Recent Gains
WTI futures are softer for a second session, reversing a large part of recent gains. This affirms the strength of resistance at the 50-day EMA of 72.25, which remains the key upside level. This price action confirms the recovery since Sep 9 as a correction. 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 $2567.4, the 20-day EMA.
- WTI Crude down $1.68 or -2.41% at $67.99
- Natural Gas up $0.02 or +0.91% at $2.661
- Gold spot up $10.75 or +0.4% at $2667.52
- Copper up $4.55 or +1.01% at $453.55
- Silver up $0.34 or +1.07% at $32.1585
- Platinum up $16.74 or +1.69% at $1007.95