WTI Futures Continue to Hold on to Majority of Friday's Gains

WTI futures traded higher Friday and the contract is holding on to its recent gains. The latest recovery has highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle. Gold traded sharply higher last Friday, clearing both the 20- and 50-day EMAs. The rally strengthens the recent reversal and exposes the next key resistance at $1953.0, the Sep 1 high. Clearance of this level would further strengthen a bullish theme. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below Friday's low of $1868.8 to signal a reversal.

• WTI Crude down $0.13 or -0.15% at $86.82
• Natural Gas up $0 or +0.06% at $3.115
• Gold spot down $0.91 or -0.05% at $1920.11
• Copper down $4 or -1.12% at $355.2
• Silver down $0.01 or -0.04% at $22.5956
• Platinum down $0.57 or -0.06% at $898.47