Tuesday Price Action Reinforces Bearish Threat to WTI Futures

The outlook in WTI futures remains bearish. Last week’s move lower resulted in a break of $79.04, the Apr 3 low and the gap high on the daily chart. The continuation lower has seen price breach the 20- and 50-day EMAs, exposing $75.83, the Mar 31 high and a gap low on the daily chart. Key short-term resistance has been defined at $83.38, the Apr 12 high. A break would resume the recent uptrend. Gold is in consolidation mode and is trading closer to its recent lows. The broader trend condition remains bullish, however, the yellow metal has entered a short-term corrective cycle. Price has pierced support at $1988.1, 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 $0.77 or +1% at $77.8
• Natural Gas down $0.04 or -1.65% at $2.269
• Gold spot down $0.71 or -0.04% at $1996.47
• Copper up $2.35 or +0.61% at $389.25
• Silver down $0.07 or -0.29% at $24.932
• Platinum up $10.67 or +0.98% at $1102.63