WTI Futures Remain Above Key Short-Term Support at $80.93
WTI futures have recovered from their recent lows and price remains above key short-term support at $80.93, the 50-day EMA. The recent move lower highlights a corrective phase and a clear break of the 50-day average would signal scope for a deeper retracement towards $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. A break would resume the uptrend. Gold is trading closer to its recent lows. The precious metal has pierced the 20-day EMA and this signals the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2225.1, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought trend condition to unwind. Key resistance and the bull trigger has been defined at $2431.5, the recent Apr 12 high.
- WTI Crude up $0.39 or +0.47% at $83.2
- Natural Gas down $0.02 or -1.39% at $1.626
- Gold spot up $10.22 or +0.44% at $2327.07
- Copper up $7.45 or +1.66% at $455.95
- Silver up $0.26 or +0.95% at $27.4395
- Platinum up $5.27 or +0.58% at $910.6