WTI Futures Off Intraday Lows, Recent Pullback Still Considered Corrective

The uptrend in WTI futures remains intact and the latest pullback appears to be a correction. Initial firm support lies at $78.69, the Aug 3 low. A clear break of this level would signal scope for a deeper short-term retracement. For bulls, a resumption of gains would refocus attention on the next objective at $87.43, a Fibonacci projection. Moving average studies are in bull-mode condition highlighting an uptrend. Gold remains bearish and the yellow metal is trading lower. Price has pierced key support at $1893.1, the Jun 29 low. A clear break of this level would strengthen bearish conditions and signal scope for $1885.8, the Mar 15 low ahead of $1871.6, the Mar 13 low. Moving average studies remain in bear mode condition, highlighting current sentiment. On the upside, initial firm resistance to watch is $1939.6, the 50-day EMA.

• WTI Crude up $0.1 or +0.13% at $79.56
• Natural Gas up $0 or +0.04% at $2.589
• Gold spot up $2.04 or +0.11% at $1894.03
• Copper up $1.8 or +0.49% at $371.45
• Silver up $0.16 or +0.7% at $22.5765
• Platinum up $1.75 or +0.2% at $888.8