COMMODITIES: Recent Pullback in WTI Futures Appears Technically Corrective

The uptrend in WTI futures remains intact and the latest pullback appears to be a correction. Last week’s gains confirmed a resumption of the bull cycle. Price breached resistance at $83.59, the Nov 7 2022 high. The break strengthened a bullish condition and has paved the way for a climb towards $87.43, a Fibonacci projection. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low. Gold remains bearish and the yellow metal traded lower again yesterday, maintaining the bear cycle that started Jul 20. Sights are on key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. On the upside, initial firm resistance to watch is $1941.6, the 50-day EMA. A break of this level would highlight a possible short-term reversal.

• WTI Crude down $0.08 or -0.1% at $80.9
• Natural Gas up $0 or +0.11% at $2.661
• Gold spot up $3.59 or +0.19% at $1905.25
• Copper up $1.65 or +0.45% at $372.2
• Silver up $0.23 or +1.02% at $22.749
• Platinum up $2.02 or +0.23% at $894.5