WTI Futures Approach Resistance at $83.59, the Nov 7 2022 High

The uptrend in WTI futures remains intact and last Friday’s gains confirmed a resumption of the bull cycle. The move higher maintains the current bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position and this reinforces current positive conditions. The focus is on $83.59, the Nov 7 2022 high. On the downside, initial firm support has been defined at $78.69, the Aug 3 low. Gold remains bearish and the price traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. A continuation lower would signal potential for a move towards the key support at $1893.1, the Jun 29 low. A break of this support would strengthen bearish conditions. Key resistance is at $1987.5, the Jul 20 high.

• WTI Crude up $0.41 or +0.49% at $83.16
• Natural Gas up $0.03 or +0.94% at $2.79
• Gold spot up $3.53 or +0.18% at $1929.95
• Copper up $4.7 or +1.25% at $382.25
• Silver up $0.04 or +0.15% at $22.82
• Platinum down $1.83 or -0.2% at $906.94