Wednesday Sell-Off Reinforces Bearish Theme in WTI Futures

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 $1988.1, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1949.9, the 50-day EMA. 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 down $0.69 or -0.92% at $74.03
• Natural Gas down $0.04 or -1.49% at $2.318
• Gold spot down $4.28 or -0.22% at $1983.42
• Copper down $1.4 or -0.36% at $386.65
• Silver down $0.13 or -0.54% at $24.7925
• Platinum down $15.64 or -1.44% at $1068.97