WTI Future Trend Conditions Bullish Ahead of Key $82.89 Resistance

WTI futures remain bullish following last week’s appreciation and the contract started this week on a positive note. Price is through resistance at the 50-day EMA which intersects at $78.09 today. The breach reinforces short-term bullish conditions and paves the way for a climb towards $82.89, the Jan 23 high and a key resistance. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme. First support is at $75.83. Trend conditions in Gold remain bearish, however, the metal traded higher last week and breached resistance at $1846.4, the 50-day EMA. A clear break of this hurdle would strengthen short-term bullish conditions and signal scope for an extension higher - this would open $1870.5, the Feb 14 high. On the downside, key short-term support has been defined at $1804.9, the Feb 28 low. A break would resume recent bearish activity.

• WTI Crude down $0.11 or -0.14% at $80.32
• Natural Gas down $0 or -0.16% at $2.561
• Gold spot down $1.75 or -0.09% at $1846.43
• Copper down $4.45 or -1.09% at $405.2
• Silver down $0.06 or -0.29% at $21.0595
• Platinum down $6.38 or -0.65% at $975.05