COMMODITIES: WTI Futures Trading at Lowest Level Since December 2023

WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA. The trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would  be considered corrective.

• WTI Crude down $0.49 or -0.7% at $69.87
• Natural Gas down $0 or -0.05% at $2.201
• Gold spot down $18.7 or -0.75% at $2474.65
• Copper down $4.25 or -1.04% at $405.05
• Silver down $0.27 or -0.96% at $27.7963
• Platinum down $6.57 or -0.72% at $902.74