Yesterday's Gains in WTI Futures Reinforce Uptrend

The uptrend in WTI futures remains intact and yesterday's gains reinforce this condition. The break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. The focus is on the psychological $90.00 handle. On the downside, initial firm support to watch lies at $83.91, the 20-day EMA. Gold traded lower yesterday. 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 $1929.5, the 50-day EMA. Key resistance is at $1953.0, the Sep 4 high.

• WTI Crude up $0.69 or +0.78% at $89.57
• Natural Gas down $0.01 or -0.33% at $2.732
• Gold spot down $1.34 or -0.07% at $1912.36
• Copper up $0.8 or +0.21% at $380.4
• Silver down $0.11 or -0.5% at $22.9535
• Platinum down $7.14 or -0.78% at $906.37