Gold Prints 1819.02 YTD Low

WTI futures showed above the Friday high ahead of the Monday close, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle. Prices have faded slightly since, 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 $76.52, the Feb 9 low. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. 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 - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.

• WTI Crude down $1.22 or -1.55% at $76.98
• Natural Gas down $0.03 or -1.26% at $2.336
• Gold spot down $11.42 or -0.62% at $1820.26
• Copper down $5.75 or -1.4% at $406.8
• Silver down $0.31 or -1.43% at $21.2116
• Platinum up $0.15 or +0.02% at $917.49