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COMMODITIES: WTI Futures Through Initial Support at 20-Day EMA

COMMODITIES
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Monday’s move lower in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.16. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Despite yesterday’s pullback, Gold is trading closer to its recent highs. A bull cycle is in play and the breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2671.6, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

  • WTI Crude up $0.34 or +0.46% at $73.5
  • Natural Gas down $0.04 or -1.08% at $3.65
  • Gold spot up $3 or +0.11% at $2743.4
  • Copper up $2.1 or +0.5% at $425.1
  • Silver down $0.12 or -0.4% at $30.09
  • Platinum down $2.13 or -0.22% at $947.69
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Monday’s move lower in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.16. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Despite yesterday’s pullback, Gold is trading closer to its recent highs. A bull cycle is in play and the breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2671.6, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

  • WTI Crude up $0.34 or +0.46% at $73.5
  • Natural Gas down $0.04 or -1.08% at $3.65
  • Gold spot up $3 or +0.11% at $2743.4
  • Copper up $2.1 or +0.5% at $425.1
  • Silver down $0.12 or -0.4% at $30.09
  • Platinum down $2.13 or -0.22% at $947.69