COMMODITIES: WTI Futures Slip on Recession Fears and Concern Over Future Oil Demand
WTI futures remain in a downtrend and yesterday’s sharp sell-off reinforces this theme. The contract has cleared a number of retracement levels and this signals scope for weakness towards the $70.00 handle next and $69.02, the 76.4% retracement of the Mar 20 - Apr 12 rally. On the upside a key short-term resistance has been defined at $76.92, the Apr 28 high where a break would ease bearish pressure and potentially highlight a reversal. Gold traded higher Tuesday. For now, the yellow metal remains in a short-term bearish corrective cycle. Price has recently pierced support at $1990.5, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1955.2, the 50-day EMA. For bulls, key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.
- WTI Crude down $1.32 or -1.84% at $70.3
- Natural Gas up $0.01 or +0.23% at $2.217
- Gold spot down $1.29 or -0.06% at $2015.91
- Copper down $0.6 or -0.16% at $385.6
- Silver down $0.05 or -0.19% at $25.3304
- Platinum up $7.1 or +0.67% at $1074.44
