WTI Futures Breach 20-Day EMA, 50-Day EMA Marks Next Key Resistance

WTI futures continue to trade at this week’s highs. Price has breached resistance at the 20-day EMA which intersects at $72.80. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $74.94. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish. Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.

• WTI Crude down $0.37 or -0.5% at $73.97
• Natural Gas up $0.02 or +0.86% at $2.119
• Gold spot down $3.81 or -0.19% at $1976.6
• Copper down $5.1 or -1.25% at $403.9
• Silver down $0.12 or -0.49% at $23.7846
• Platinum down $4.71 or -0.48% at $986.19