WTI Futures Remain in Short-Term Bearish Corrective Cycle

The uptrend in WTI futures remains intact, however, the contract remains in a short-term bearish corrective cycle. The trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $86.90, the 20-day EMA and is a potential short-term objective. On the upside, clearance of $92.43, the Sep 19 high, would confirm a resumption of the uptrend and open $93.31, a Fibonacci projection. Gold traded higher last Wednesday but quickly pulled back from the session high. The recent breach of the 50-day EMA does highlight a possible developing bullish threat. Key resistance is at $1953.0, the Sep 1 high where a break is required to confirm a bullish theme. On the downside, $1901.1, the Sep 14 low, marks a key near-term support. A breach of this level would strengthen a bearish theme and expose $1884.9, the Aug 21 low.

• WTI Crude up $0.35 or +0.39% at $90.41
• Natural Gas down $0.02 or -0.57% at $2.622
• Gold spot down $1.67 or -0.09% at $1923.8
• Copper down $3.65 or -0.99% at $365.7
• Silver down $0.09 or -0.38% at $23.466
• Platinum down $8.37 or -0.9% at $922.26