Gold Extends Pullback from Last Week's Highs

WTI futures remain soft following last week’s steep sell-off. The move lower undermines the recent bullish theme. A continuation would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher is required to refocus attention on the key short-term resistance at $79.29, Jan 29 high. A break of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high. Gold has pulled back from last week’s high but remains above the Jan 17 low of $2001.9. Recent short-term gains have improved a bullish condition and a continuation higher would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would refocus attention on $2001.9 where a break is required to reinstate the recent bearish theme.

• WTI Crude down $0.41 or -0.57% at $71.81
• Natural Gas up $0.02 or +0.72% at $2.093
• Gold spot down $17.46 or -0.86% at $2022.2
• Copper down $1.75 or -0.46% at $380.35
• Silver down $0.28 or -1.22% at $22.406
• Platinum down $1.58 or -0.18% at $895.04