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WTI Futures Continue Steady Climb Toward Resistance at $83.87

COMMODITIES

A bull theme in WTI futures remains intact and the latest pullback is considered corrective. Recent gains resulted in a break of $79.87, the Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.64, the 20-day EMA. The trend condition in Gold remains bullish and last week’s move higher reinforces this condition. The initial rally on Mar 21, delivered another all-time high and confirmed a resumption of the primary uptrend. Moving average studies remain in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.


  • WTI Crude down $0.07 or -0.09% at $81.89
  • Natural Gas up $0.01 or +0.81% at $1.628
  • Gold spot up $5.98 or +0.28% at $2177.49
  • Copper down $0.3 or -0.07% at $401.05
  • Silver down $0.05 or -0.19% at $24.6275
  • Platinum down $0.16 or -0.02% at $904.28
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