WTI Futures Eye Resistance at $97.08 Next

The uptrend in WTI futures remains intact and this week’s recovery has confirmed a resumption of the trend - resistance at $92.43, Sep 19 high, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on $97.08 next, a Fibonacci projection. Key support has been defined at $88.19, the Sep 2 low. Gold sold off sharply yesterday, reinforcing bearish conditions. This week’s move lower has resulted in a break of support at $1901.10 and this has been followed by a move through $1884.9, the Aug 21 low. The break confirms a resumption of the downtrend that started off the early May high. Attention turns to $1865.8, a Fibonacci retracement point. On the upside, initial resistance is at yesterday’s high of $1903.9.

• WTI Crude up $0.16 or +0.17% at $93.85
• Natural Gas down $0.01 or -0.41% at $2.887
• Gold spot down $1.13 or -0.06% at $1873.94
• Copper up $4.25 or +1.17% at $367.7
• Silver down $0.02 or -0.07% at $22.525
• Platinum up $0.73 or +0.08% at $892.44