WTI Futures, Gold Remain Bearish Following Tuesday Sell Off

A sharp sell-off in WTI futures Tuesday has defined a key near-term resistance at $80.94, Feb 7 high. A break above this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. On the downside, support to watch lies at $75.83, the Mar 3 low. A continuation lower and a breach of this level would strengthen a bearish case and open $73.80, the Feb 22 low. Trend conditions in Gold remain bearish and Tuesday’s strong sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce and attention is on support and the bear trigger, at $1804.9. A break of this level would confirm a resumption of the downtrend and open $1787.3, a Fibonacci retracement. The yellow metal needs to breach $1858.3, the Mar 6 high, to signal scope for a stronger reversal.

• WTI Crude down $0.29 or -0.38% at $76.38
• Natural Gas up $0.04 or +1.65% at $2.594
• Gold spot up $4.06 or +0.22% at $1817.28
• Copper down $0.15 or -0.04% at $402.55
• Silver up $0.09 or +0.44% at $20.1035
• Platinum up $3.91 or +0.42% at $943.58