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Strong Sell Off in WTI Futures Exposes Support at $73.98

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The outlook in WTI futures remains bearish and Wednesday's strong sell-off reinforces the current theme. The move lower has exposed $73.98, a Fibonacci retracement point. A break would open $72.76, the Mar 30 low. On the upside, a key short-term resistance has been defined at $79.18, the Apr 24 high where a breach is required to ease bearish pressure. This would also highlight a potential reversal. Gold remains in consolidation mode. The broader trend condition remains bullish, however, the yellow metal has recently entered a short-term corrective cycle. Price has pierced support at $1988.2, the 20-day EMA, highlighting potential for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.


  • WTI Crude up $0.37 or +0.5% at $74.59
  • Natural Gas up $0.01 or +0.26% at $2.312
  • Gold spot up $9.29 or +0.47% at $1998.38
  • Copper down $0.05 or -0.01% at $386.1
  • Silver up $0.14 or +0.57% at $25.0206
  • Platinum up $7.96 or +0.73% at $1098.78

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