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COMMODITIES: Recent Weakness in WTI Futures Marks Extension of Corrective Cycle

COMMODITIES
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Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.27 (pierced). A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play. This week’s appreciation confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2705.1, the 50-day EMA. The 20-day EMA is at $2758.0.

  • WTI Crude up $0.44 or +0.62% at $71.46
  • Natural Gas down $0 or 0% at $3.358
  • Gold spot down $9.18 or -0.32% at $2856.6
  • Copper up $4.25 or +0.96% at $449.95
  • Silver down $0.28 or -0.87% at $32.098
  • Platinum up $3.59 or +0.36% at $985.76
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Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.27 (pierced). A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play. This week’s appreciation confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2705.1, the 50-day EMA. The 20-day EMA is at $2758.0.

  • WTI Crude up $0.44 or +0.62% at $71.46
  • Natural Gas down $0 or 0% at $3.358
  • Gold spot down $9.18 or -0.32% at $2856.6
  • Copper up $4.25 or +0.96% at $449.95
  • Silver down $0.28 or -0.87% at $32.098
  • Platinum up $3.59 or +0.36% at $985.76