Recovery in WTI Futures Early Indication of Resumption of Uptrend

The uptrend in WTI futures remains intact. The contract has recovered from yesterday’s low and this appears to be an early indication of a resumption of the uptrend. Support at the 20-day EMA, at $87.47, remains intact. A break of this average is required to signal scope for a deeper corrective pullback. On the upside, clearance of $92.43, the Sep 19 high, would confirm a resumption of the uptrend and open $93.31, a Fibonacci projection. Gold is trading lower again today as the yellow metal extends the latest bear cycle that started off the Sep 20 high of $1947.5. Support at $1901.1, the Sep 14 low, has been breached and this signals scope for an extension towards the next key support at $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1926.3, the 50-day EMA. A clear break of this average would highlight a possible reversal.

• WTI Crude up $0.96 or +1.06% at $91.36
• Natural Gas up $0.02 or +0.6% at $2.672
• Gold spot down $3.81 or -0.2% at $1896.83
• Copper down $0.3 or -0.08% at $364.65
• Silver down $0.03 or -0.12% at $22.8245
• Platinum down $0.7 or -0.08% at $906.93