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Oil Inches Off Recent Highs, But Stays Bullish

COMMODITIES
  • Oil markets saw support into last week's close as Hurricane Ida threatened production across the Gulf of Mexico. This continued to abate throughout the Tuesday session with WTI and Brent futures in modest negative territory. Despite the weakness, WTI remains bullish and traded to a fresh high Monday. The recovery from the Aug 23 low has defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme.
  • Base metals trade under pressure, with the likes of iron ore and copper after disappointing China data overnight. PMIs for both the manufacturing and non-manufacturing sectors deteriorated faster than expected. This has supported the likes of gold and silver, with precious metals also receiving a boost from the weaker greenback.
  • Gold remains above its 50-day EMA. The recent break above the average confirms a resumption of the upleg that started Aug 9. This signals scope for a climb towards resistance at $1834.1, Jul 15 high and a bull trigger. On the downside, initial support has been defined at $1774.5, Aug 19 low. A move below this support would be bearish and signal a short-term reversal.
Energy BulletsCommodities
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