WTI Futures Remain Close to Recent Highs

The uptrend in WTI futures remains intact and price is trading closer to its latest highs. The recent break of resistance at $84.16, the Aug 10 high, confirmed a resumption of the uptrend and this maintains the bullish price sequence of higher highs and higher lows. Note that MA studies are in a bull mode position, highlighting positive sentiment. Sights are on the $90.00 handle. Initial firm support to watch lies at $83.39, the 20-day EMA. Gold is consolidating and trading closer to last week’s lows. Key support to watch lies at $1903.9, the Aug 25 low. A break of this level would be viewed as a bearish development and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, the Aug 21 low. On the upside, initial firm resistance is seen at $1930.2, the 50-day EMA. Key resistance is at $1953.0, the Sep 4 high.

• WTI Crude up $0.65 or +0.74% at $87.91
• Natural Gas up $0.01 or +0.54% at $2.622
• Gold spot down $1.83 or -0.1% at $1920.49
• Copper down $0.4 or -0.11% at $380.1
• Silver up $0.01 or +0.05% at $23.1033
• Platinum down $1.77 or -0.2% at $901.88