WTI Futures' Short-Term Resistance at $79.09 Remains Intact

WTI futures traded higher Tuesday and the contract is holding on to its gains. The latest bull cycle still appears corrective and key S/T resistance at $79.09, Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development, opening $81.70, a Fibonacci retracement. Key support lies at $71.49, Feb 5 low. A breach of this level would reinstate the recent bearish theme. Initial support is at $75.69, the 50-day EMA. Gold is in consolidation mode. Recent activity has defined a key resistance at $2065.5, the Feb 1 high, and a key support at $1984.3, the Feb 14 low. Both levels represent important short-term directional triggers. A clear break of the Feb 1 high would highlight a short-term reversal and open $2088.5, the Dec 28 high. For bears, clearance of $1984.3 would expose an important support and bear trigger at $1973.2, the Dec 13 low.

• WTI Crude down $0.8 or -1.01% at $78.04
• Natural Gas down $0.02 or -1.05% at $1.789
• Gold spot down $5.22 or -0.26% at $2025.13
• Copper down $2.6 or -0.68% at $382.5
• Silver down $0.15 or -0.67% at $22.311
• Platinum down $9.91 or -1.11% at $880.5