WTI Futures Print Fresh One-Year Low, Attention on $62.43 Fibonacci Projection

WTI futures remain vulnerable and the contract is trading lower this morning. Last Wednesday’s sell-off resulted in the break of key support at $70.86, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, a Fibonacci projection. Initial resistance is at $69.64, Monday’s high. A strong rally in Gold Friday saw the yellow metal trade to fresh YTD high of $1989.4. This confirms a resumption of the uptrend that has been in place since late September 2022. Today’s rally has resulted in a break of the psychological $2000.0 handle and this further strengthens the current uptrend. It opens $2034.0 next, a Fibonacci projection. On the downside, Friday’s low of $1918.3 marks firm support.

• WTI Crude down $1.69 or -2.53% at $64.97
• Natural Gas up $0.04 or +1.63% at $2.374
• Gold spot up $5.14 or +0.26% at $1995.85
• Copper up $0.05 or +0.01% at $389.1
• Silver up $0.02 or +0.1% at $22.6358
• Platinum down $5.5 or -0.56% at $973.72