Move Lower in WTI Futures Wednesday Likely Corrective

The uptrend in WTI futures remains intact and yesterday’s move lower is likely a correction. The trend condition is overbought and a short-term pullback would allow this to unwind. The next key short-term support lies at the 20-day EMA, which intersects at $77.32. For bulls, a break above $82.43, yesterday’s high, would confirm a resumption of the uptrend and open $83.59, the Nov 7 2022 high. Gold traded lower Wednesday and the yellow metal remains at its recent lows. This confirms an extension of the bear cycle that started Jul 20 and highlights potential for a continuation lower near-term. The focus is on $1924.5, the Jul 11 low. Clearance of this level would signal scope for an extension towards the key support at $1893.1, the Jun 29 low. Key resistance is at $1987.5, the Jul 20 high. A break would reinstate a bullish theme.

• WTI Crude down $0.37 or -0.47% at $79.17
• Natural Gas up $0.02 or +0.73% at $2.495
• Gold spot up $2.07 or +0.11% at $1936.8
• Copper down $2.05 or -0.53% at $382.3
• Silver down $0.18 or -0.74% at $23.5462
• Platinum down $4.02 or -0.44% at $919.65