WTI Futures Continue to Trade Close to Recent Highs

WTI futures continue to trade closer to their recent highs. The contract has breached $76.31, the Dec 26 high. The clear break of this hurdle undermines the recent bearish theme and highlights a stronger short-term bullish condition. A continuation higher would signal scope for a climb towards $79.56, the Nov 30 high. On the downside, initial key support lies at $74.76, the 50-day EMA. Monday’s move lower appears - for now - to be a correction. Gold continues to trade above the Jan 17 low of $2001.9. The recent print below the 50-day EMA and the break of support at $2013.4, the Jan 11 low, has strengthened a bearish threat and a resumption of weakness would open a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.

• WTI Crude down $0.76 or -0.98% at $77.05
• Natural Gas down $0.03 or -1.4% at $2.047
• Gold spot up $2.55 or +0.13% at $2039.35
• Copper up $0.3 or +0.08% at $391.4
• Silver down $0.05 or -0.21% at $23.117
• Platinum down $0.32 or -0.03% at $926.42