Recent WTI Futures Gains Corrective, Trend Conditions Still Bearish
Trend conditions in WTI futures remain bearish and recent gains are considered corrective. Monday’s move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirms a resumption of the downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. Initial resistance is at $79.90, last Friday’s high. Short-term trend conditions in Gold remain bullish. The yellow metal recently breached $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, the Aug 10 high. Moving average studies are in a bull mode position. The bull trigger is at $1786.5, the Nov 15 high. Initial firm support is seen at $1702.3, the Nov 9 low. First support to watch is at the 20-day EMA that intersects at $1732.2.
- WTI Crude up $0.51 or +0.65% at $78.61
- Natural Gas down $0.06 or -0.76% at $7.175
- Gold spot up $5.46 or +0.31% at $1755.69
- Copper up $0.25 or +0.07% at $363.95
- Silver up $0.08 or +0.39% at $21.3425
- Platinum up $6.69 or +0.67% at $1011.8