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WTI Futures Breach Support at $78.33, the Aug 3 Low


The uptrend in WTI futures remains intact, however, a corrective cycle is in play for now. Yesterday’s move lower resulted in a print below support at $78.33, the Aug 3 low. A clear break of this support would highlight a stronger bear cycle and pave the way for a deeper retracement. Note that a key support lies at the 50-day EMA, which intersects at $77.42. Initial resistance to watch is $81.75, a break would be a bullish development. The outlook in Gold remains bearish, however, a short-term correction has resulted in a recovery this week. The yellow metal is through resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1932.0. A clear break of this average would strengthen the current bull cycle. For bears, moving average studies continue to highlight a dominant downtrend. Key support and the bear trigger has been defined at $1884.9, the Aug 21 low.

  • WTI Crude down $0 or 0% at $78.87
  • Natural Gas down $0.03 or -1.04% at $2.471
  • Gold spot up $5.87 or +0.31% at $1921.19
  • Copper down $2.8 or -0.73% at $380.9
  • Silver down $0.13 or -0.55% at $24.174
  • Platinum down $1.54 or -0.17% at $931.59

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