WTI Futures Record Fresh Multi-Month High Tuesday

WTI futures traded higher Tuesday and a bull theme remains intact. Last week’s gains resulted in a break of $79.87, Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance On the downside, support to watch is $78.44, the 20-day EMA. The trend condition in Gold is bullish and the latest pullback is considered corrective and appears to be a bull flag - a continuation pattern. The yellow metal recently cleared $2135.4, the Dec 4 high, to deliver a fresh all-time cycle high. The break reinforces bullish conditions and opens $2206.6, a Fibonacci projection. S/T conditions are overbought, a deeper retracement would allow this set-up to unwind. Firm support is $2121.3, the 20-day EMA.

• WTI Crude down $0.92 or -1.1% at $82.6
• Natural Gas down $0.01 or -0.4% at $1.736
• Gold spot down $1.84 or -0.09% at $2156.27
• Copper down $2.5 or -0.61% at $405.1
• Silver down $0.09 or -0.37% at $24.7915
• Platinum down $1.82 or -0.2% at $894.53