WTI Future Price Action Reverses Lower From Wed 82.38 One-Month High

WTI futures traded higher yesterday but price has reversed lower from the $82.38 session high. Attention is on support at $77.47, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.46, the Jan 5 low. On the upside, key short-term resistance has been defined at $82.38 where a break would reinstate the recent bullish theme. Trend conditions in Gold remain bullish and the yellow metal traded to a fresh cycle high earlier this week. This confirmed an extension on the uptrend and maintains the 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 $1860.5, the 20-day EMA. Short-term pullbacks are considered corrective.

• WTI Crude down $1.15 or -1.45% at $78.33
• Natural Gas down $0.01 or -0.24% at $3.297
• Gold spot up $7.13 or +0.37% at $1911.65
• Copper down $3.5 or -0.83% at $419.9
• Silver down $0.01 or -0.05% at $23.4685
• Platinum down $3.87 or -0.37% at $1038.57