COMMODITIES: Trend Condition in WTI Futures Unchanged and Bearish

The trend condition in WTI futures is unchanged - a bear cycle remains intact and the latest recovery is considered corrective. The pullback from the Sep 2 high highlights a possible reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $66.03, the Sep 2 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would open $57.71, the May 30 low. Gold remains in a clear bull cycle and short-term weakness is for now, considered corrective. A fresh all-time high, once again this week, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3705.2, a Fibonacci projection. Initial firm support lies at $3566.6, the 20-day EMA. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend.

• WTI Crude down $0.49 or -0.77% at $63.08
• Natural Gas down $0.01 or -0.48% at $2.925
• Gold spot up $11.14 or +0.31% at $3655.46
• Copper up $1.3 or +0.28% at $461.35
• Silver up $0.41 or +0.98% at $42.2442
• Platinum up $7 or +0.5% at $1393.56