Gold Consolidates Close to Recent Lows

WTI futures drifted into the Friday close, returning the outlook to neutral for now. Prices have drifted back below the 50-day EMA, at $78.34, however the medium-term view remains unchanged. Key resistance remains at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $72.25, the Feb 6 low. Trend conditions in Gold are bearish for now, despite the late recovery into the Friday close. This follows the strong sell-off on Feb 2 / 3 as well as the break of support at the 50-day EMA early Wednesday. A clear break here would strengthen a bearish case and suggest scope for a deeper pullback. Vol band support (the 2.0% 10-dma envelope), successfully contained prices Friday, keeping the focus on the level this week.

• WTI Crude down $0.04 or -0.05% at $76.12
• Natural Gas down $0.02 or -0.92% at $2.254
• Gold spot down $5.36 or -0.29% at $1835.06
• Copper up $4.5 or +1.1% at $414.3
• Silver down $0.04 or -0.18% at $21.7415
• Platinum up $0.28 or +0.03% at $927.21