Gold Extends Bounce Off Last Week's Lows

Recent gains in WTI futures, since Feb 5, still appear to be a correction. Key short-term resistance has been defined at $79.75, the Feb 16 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 traded lower early last week and the sell-off resulted in a break of $2001.9, the Jan 17 low and a key short-term support. The breach highlights a resumption of the bear leg that started Dec 28. A continuation lower would open $1973.2, the Dec 13 low and the next key support. On the upside, the yellow metal needs to clear resistance at $2065.5, the Feb 1 high, to reinstate a bullish theme.

• WTI Crude down $0.53 or -0.69% at $76.54
• Natural Gas up $0.11 or +6.66% at $1.681
• Gold spot up $3.86 or +0.19% at $2028.47
• Copper up $0.55 or +0.14% at $388
• Silver up $0.08 or +0.34% at $23.0815
• Platinum down $2.53 or -0.28% at $903.65