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Crude Loses Ground, Copper Bear Cycle Remains In Play

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  • WTI has recouped some losses but has fallen both on the day and week-on-week. Downside drivers have been Chinese demand weakness and Gaza ceasefire talks.
  • WTI Sep 24 is down 1.3% at $77.3/bbl.
  • WTI futures have traded through both the 20- and 50-day EMAs, reinforcing a short-term bearish threat. A resumption of the bear leg would open $72.23, the Jun 4 low and the next key support.
  • Spot gold has risen by 0.9% on Friday to $2,385/oz, leaving the yellow metal 0.7% lower on the week.
  • From a technical perspective, the recent pullback is considered corrective. However, a clear break of the 50-day EMA at $2,360.9 would signal scope for a deeper retracement, opening $2,277.4, the May 3 low.
  • For bulls, a reversal higher would refocus attention on $2,483.7, the Jul 17 high.
  • Meanwhile, copper has edged down by 0.4% to $411/lb, leaving it 3% lower over the week and 20% down from a record high in May.
  • A bear cycle in copper futures remains intact and this week’s downleg reinforces current conditions.
  • A clear break of $405.57, 76.4% of the Feb 9 - May 20 bull cycle, would set the scene for weakness towards $372.35, the Feb 9 low.
  • Initial firm resistance is $443.97 the 50-day EMA.
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  • WTI has recouped some losses but has fallen both on the day and week-on-week. Downside drivers have been Chinese demand weakness and Gaza ceasefire talks.
  • WTI Sep 24 is down 1.3% at $77.3/bbl.
  • WTI futures have traded through both the 20- and 50-day EMAs, reinforcing a short-term bearish threat. A resumption of the bear leg would open $72.23, the Jun 4 low and the next key support.
  • Spot gold has risen by 0.9% on Friday to $2,385/oz, leaving the yellow metal 0.7% lower on the week.
  • From a technical perspective, the recent pullback is considered corrective. However, a clear break of the 50-day EMA at $2,360.9 would signal scope for a deeper retracement, opening $2,277.4, the May 3 low.
  • For bulls, a reversal higher would refocus attention on $2,483.7, the Jul 17 high.
  • Meanwhile, copper has edged down by 0.4% to $411/lb, leaving it 3% lower over the week and 20% down from a record high in May.
  • A bear cycle in copper futures remains intact and this week’s downleg reinforces current conditions.
  • A clear break of $405.57, 76.4% of the Feb 9 - May 20 bull cycle, would set the scene for weakness towards $372.35, the Feb 9 low.
  • Initial firm resistance is $443.97 the 50-day EMA.