Recent Recovery in WTI Futures Still Deemed Corrective, For Now

The recent recovery in WTI futures appears to be a correction - for now. Key short-term resistance has been defined at $79.29, the Jan 29 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 continues to trade above the Jan 17 low of $2001.9. Recent short-term gains improved a bullish condition and a resumption of the bull cycle would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would instead refocus attention on $2001.9, where a break is required to reinstate the recent bearish theme.

• WTI Crude down $0.36 or -0.47% at $76.4
• Natural Gas down $0.03 or -1.35% at $1.823
• Gold spot down $2.81 or -0.14% at $2021.64
• Copper down $0.65 or -0.18% at $367.5
• Silver up $0.24 or +1.08% at $22.854
• Platinum down $1.74 or -0.2% at $875.26