Gold Trading Close to Last Week's Highs

Recent gains in WTI futures still appear corrective at these levels and key short-term resistance at $79.09, the Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development. A break would open $81.70, a Fibonacci retracement. Support to watch lies at $71.49, the Feb 5 low. A breach of this level would reinstate the recent bearish theme and pave the way for a move towards $69.79, the Jan 3 low. Recent price activity in Gold has defined key resistance at $2065.5, the Feb 1 high, and key support at $1984.3, the Feb 14 low. Both levels represent important short-term directional triggers. A clear break of the Feb 1 high would highlight a short-term reversal and open $2088.5, the Dec 28 high. For bears, clearance of $1984.3 would expose an important support and bear trigger at $1973.2, the Dec 13 low.

• WTI Crude up $0.07 or +0.09% at $77.6
• Natural Gas down $0.05 or -2.89% at $1.611
• Gold spot up $4.47 or +0.22% at $2035.72
• Copper up $2.75 or +0.72% at $386.2
• Silver up $0.12 or +0.54% at $22.6378
• Platinum up $9.07 or +1.03% at $889.64