WTI Futures Breach 50-Day EMA, Opening $80.78 Feb 13 High

WTI futures remain bullish following last week’s appreciation. The contract cleared resistance at the 50-day EMA which intersects at $77.99 today. The breach reinforces short-term bullish conditions and paves the way for a climb towards $80.78, the Feb 13 high and $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. Trend conditions in Gold remain bearish, however, the metal traded higher last week and traded through 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 - 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 $0.48 or -0.6% at $79.2
• Natural Gas down $0.32 or -10.6% at $2.698
• Gold spot down $3.74 or -0.2% at $1852.19
• Copper down $2.45 or -0.6% at $404.35
• Silver down $0.07 or -0.33% at $21.1833
• Platinum down $10.08 or -1.03% at $971.72