Sharp Reversal in WTI Futures This Week Undermines Bullish Theme

WTI futures are trading just above this week’s low print of $73.70 (Feb 1). The sharp reversal undermines the recent bullish theme. A continuation lower would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher would refocus attention on the key short-term resistance at $79.29, Jan 29 high. A break of this level is required to reinstate a bullish theme. Gold traded higher yesterday and the yellow metal 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 reversal lower would refocus attention on $2001.9 where a break is required to reinstate the recent bearish theme.

• WTI Crude up $0.31 or +0.42% at $74.1
• Natural Gas up $0.02 or +0.73% at $2.064
• Gold spot down $0.72 or -0.04% at $2054.24
• Copper down $1.7 or -0.44% at $383.7
• Silver up $0.02 or +0.1% at $23.198
• Platinum up $3.82 or +0.42% at $920.04