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COMMODITIES: WTI Futures Target Resistance at $72.52, the 50-Day EMA

COMMODITIES
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WTI futures have traded higher this week. The recovery since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.89 next, a Fibonacci projection point. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, on Wednesday. Last week’s gains confirmed a resumption of the primary uptrend and an extension of 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 $2613.3 next. Firm support lies at $2530.2, the 20-day EMA.

  • WTI Crude down $0.25 or -0.35% at $71.7
  • Natural Gas down $0 or -0.13% at $2.344
  • Gold spot up $24.34 or +0.94% at $2611.42
  • Copper up $1.1 or +0.25% at $435.75
  • Silver up $0.49 or +1.61% at $31.2863
  • Platinum up $1.49 or +0.15% at $989.5
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WTI futures have traded higher this week. The recovery since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.89 next, a Fibonacci projection point. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, on Wednesday. Last week’s gains confirmed a resumption of the primary uptrend and an extension of 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 $2613.3 next. Firm support lies at $2530.2, the 20-day EMA.

  • WTI Crude down $0.25 or -0.35% at $71.7
  • Natural Gas down $0 or -0.13% at $2.344
  • Gold spot up $24.34 or +0.94% at $2611.42
  • Copper up $1.1 or +0.25% at $435.75
  • Silver up $0.49 or +1.61% at $31.2863
  • Platinum up $1.49 or +0.15% at $989.5