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Oil Benchmarks Off Highs, But Well Above Support

COMMODITIES
  • Monday trade across energy and metals markets was subdued, with WTI and Brent crude futures in minor negative territory. Despite the modest downtick in oil benchmarks, support was untroubled, keeping the technical picture intact.
  • For WTI, price is testing the 61.8% retracement of the Jul 6 - 20 downleg at $71.85. A breach of this retracement would strengthen a bullish case and place on hold the recent bearish theme. This would signal scope for a climb towards key resistance at $76.07, the Jul 6 high. A reversal lower would refocus attention on $65.01, Jul 20 low and the key support.
  • Gold is consolidating and remains below $1834.1, Jul 15 high. The outlook remains bullish and the recent pullback is considered corrective. Price however needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle. Support to watch is at $1791.7, Jul 12 low that was probed briefly on Friday.
Energy BulletsCommodities
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