COMMODITIES: WTI Futures Trading Above This Week's Lows
WTI futures have traded sharply lower this week and the contract remains soft. Price has cleared $73.24, the 76.4% retracement of the Dec 13 - Apr 12 bull leg. This reinforces the current bearish theme and signals scope for a continuation. Note that moving average studies are in a bear-mode position too, highlighting a downtrend. Sights are on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level. A bear cycle in Gold remains in play for now, and the yellow metal is trading closer to its recent lows. 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 $2310.1, represents a key support.
- WTI Crude up $0.13 or +0.18% at $73.38
- Natural Gas up $0.06 or +2.36% at $2.645
- Gold spot up $6.7 or +0.29% at $2333.63
- Copper up $0.85 or +0.19% at $454.45
- Silver up $0.11 or +0.36% at $29.5985
- Platinum up $6.82 or +0.69% at $998.97