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Free AccessWTI Futures Continue to Trade Above Key Resistance at $75.70
The current bull cycle in WTI futures remains intact. The contract has recently breached $72.72, the Jun 21 high and yesterday’s move higher resulted in a break of key resistance at $75.70, the Jun 5 high. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun 12 low. Initial support is at $71.83, the 20-day EMA. Gold traded higher again yesterday and in the process managed to trade through resistance at the 50-day EMA. The average intersects at $1944.4 and the break signal scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key resistance has been defined at $1985.3, the May 24 high where a break would highlight a stronger reversal. Key support and the bear is at $1893.1, the Jun 29 low.
- WTI Crude up $0.09 or +0.12% at $75.94
- Natural Gas up $0.01 or +0.27% at $2.64
- Gold spot up $2.75 or +0.14% at $1960.57
- Copper up $1.05 or +0.27% at $386.45
- Silver up $0.08 or +0.32% at $24.2075
- Platinum up $7.06 or +0.74% at $961.97
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.