Uptrend in WTI Futures Remains Intact

The uptrend in WTI futures remains intact and the contract continues to appreciate. The break above $77.15 last week, the Jul 13 high, confirmed a resumption of the current bull cycle and this has resulted in a breach of key resistance at $81.44, the high on Apr 12 / 13. This development strengthens bullish conditions and signals scope for a climb towards $83.59, the Jul 11 2022 high. Initial key short-term support lies at $73.78, the Jul 17 low. Gold traded sharply lower last Thursday and a bearish threat remains present. Yesterday’s move lower reinforces this warning. The move down has resulted in a break of the 50-day EMA - at $1951.7. A continuation lower would expose support at $1924.5, the Jul 11 low. Clearance of this level would open the key support at $1893.1, the Jun 29 low. Key resistance is at $1987.5, the Jul 20 high. A break would reinstate a bullish theme.

• WTI Crude up $0.45 or +0.55% at $81.79
• Natural Gas down $0.01 or -0.23% at $2.554
• Gold spot up $6.54 or +0.34% at $1950.62
• Copper down $3.75 or -0.96% at $387.05
• Silver up $0.05 or +0.2% at $24.344
• Platinum down $2.41 or -0.26% at $931.05