WTI Futures Hold on to Week's Gains, Piercing 50-Day EMA

WTI futures are holding on to this week’s gains. The contract has pierced resistance at the 50-day EMA - at $78.34. A clear break of this hurdle would strengthen this week’s recovery and open $80.22, a Fibonacci retracement. Clearance of $80.22 would expose the key resistance at $82.66, the Jan 18 high. On the downside, a break of $72.25, the Feb 6 low, would reinstate a bearish theme. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.2. The average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, is at $1959.7, the Feb 2 high.

• WTI Crude up $0.22 or +0.28% at $78.68
• Natural Gas down $0.01 or -0.54% at $2.391
• Gold spot up $8.82 or +0.47% at $1884.05
• Copper up $5.6 or +1.39% at $409.35
• Silver up $0.18 or +0.82% at $22.5014
• Platinum up $11.82 or +1.21% at $986.6