Corrective Recovery in WTI Futures Still in Play

The recent recovery in WTI futures while still in play, appears to be a correction - for now. Key short-term resistance has been defined at $79.29, the Jan 29 high. Clearance of this level would be a bullish development. On the downside, support to watch lies at $71.41, the Feb 5 low. A break of this level would reinstate the recent bearish theme and pave the way for a move towards $69.56, the Jan 3 low. Gold is unchanged and continues to trade above the Jan 17 low of $2001.9. Recent short-term gains improved a bullish condition and a resumption of the bull cycle would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would instead refocus attention on $2001.9, where a break is required to reinstate a bearish theme.

• WTI Crude up $0.43 or +0.56% at $77.09
• Natural Gas up $0.02 or +0.96% at $1.782
• Gold spot up $6.15 or +0.3% at $2025.52
• Copper up $1.95 or +0.52% at $374.15
• Silver up $0.21 or +0.94% at $22.884
• Platinum up $6 or +0.67% at $897.88