WTI Futures Contracts Continue Pullback From Monday High
WTI futures traded higher Monday but the contract has pulled back from its recent highs. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break of this level would signal a potential reversal. Trend conditions in Gold remain bullish and the yellow metal has traded to a fresh cycle high yesterday. This confirms an extension of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, a Fibonacci retracement. Support to watch lies at $1884.1, the 20-day EMA. Short-term pullbacks are considered corrective.
- WTI Crude down $0.37 or -0.46% at $79.97
- Natural Gas down $0.14 or -4.39% at $3.115
- Gold spot down $8.31 or -0.43% at $1928.79
- Copper down $0.5 or -0.12% at $424.65
- Silver down $0.14 or -0.61% at $23.5416
- Platinum down $11.26 or -1.06% at $1050.36