Monday Dip Highlights Bearish WTI Theme

Trend conditions in WTI futures remain bearish and yesterday’s move lower highlights this theme. The sell-off on Nov 28, resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend, opening $73.38, a Fibonacci projection and the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Resistance is at $83.40, the 50-day EMA. Trend conditions in Gold remain bullish and yesterday’s retracement - for now - appears to be a correction. Last week’s gains reinforce a bullish theme and price has breached $1786.5, Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high (pierced yesterday). A clear break would be bullish. Key trend support has been defined at $1729.0, the Nov 23 low.

• WTI Crude up $0.42 or +0.55% at $77.42
• Natural Gas down $0.05 or -0.95% at $5.525
• Gold spot up $3 or +0.17% at $1771.99
• Copper up $1.95 or +0.51% at $381.55
• Silver up $0.2 or +0.88% at $22.457
• Platinum down $5.02 or -0.5% at $996.63