Short-Term Bullish WTI Future Theme Intact

WTI futures traded higher last week and a short-term bull theme remains intact. A continuation higher would signal scope for a test of resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle is required to strengthen a bullish theme. The broader trend outlook still appears bearish. A reversal lower would expose the bear trigger that has been defined at $70.31, the Dec 9 low. Trend conditions in Gold remain bullish and the yellow metal traded to a fresh trend high Monday. This confirms an extension on the current uptrend and maintains the positive price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position - reflecting the uptrend. The focus is on $1934.4 next, the Apr 25, 2022 high. Support to watch lies at $1850.4, the 20-day EMA.

• WTI Crude down $0.22 or -0.28% at $79.65
• Natural Gas up $0.33 or +9.59% at $3.743
• Gold spot down $8.27 or -0.43% at $1908.18
• Copper down $8.8 or -2.09% at $413.15
• Silver down $0.24 or -0.98% at $24.035
• Platinum down $6.79 or -0.64% at $1060.26