Strong Sell Off in WTI Futures Exposes Support at $73.98

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