Uptrend in WTI Futures Remains Intact

The uptrend in WTI futures remains intact - last week’s gains confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high signals scope for an extension towards the next key resistance at $81.44, the high on Apr 12 / 13. Moving average studies are in a bull-mode position, reinforcing current positive conditions. Key short-term support has been defined at $73.78, the Jul 17 low. Gold traded sharply lower last Thursday. The move down resulted in a break of support at the 50-day EMA - at $1951.4. A continuation lower would threaten the recent bullish theme and instead expose support at $1924.5, the Jul 11 low. Clearance of this level would expose key support at $1893.1, the Jun 29 low. Key short-term resistance has been defined at $1987.5, the Jul 20 high. A break of this hurdle is required to reinstate a bullish theme.

• WTI Crude down $0.02 or -0.02% at $80.53
• Natural Gas up $0.02 or +0.87% at $2.66
• Gold spot down $6.17 or -0.31% at $1953.7
• Copper down $0.1 or -0.03% at $392.4
• Silver down $0.12 or -0.5% at $24.2224
• Platinum down $8.41 or -0.9% at $930.34