WTI Futures Struggle to Make Clear Break of Key Short-Term Resistance

Gains in WTI Futures off the Feb 5 low still appear corrective at these levels. Key short-term resistance has been defined at $78.52, the Feb 16 high - a level briefly pierced by the recovery off this week’s low. Clearance of this level would be a bullish development. On the downside, support to watch lies at $71.49, the Feb 5 low. A break of this level would reinstate the recent bearish theme and pave the way for a move towards $69.79, the Jan 3 low. Gold traded lower into mid-month, but is building well off lows and has pierced the 50-dma of $2031.71. Clearance here and above the Feb 1 high of $2065.50 would reinstate a bullish theme, with the mid-month weakness proving corrective in nature. Any reversal and continuation lower would open $1973.2, the Dec 13 low and the next key support.

• WTI Crude down $1.04 or -1.32% at $77.57
• Natural Gas down $0.07 or -3.81% at $1.666
• Gold spot down $7.57 or -0.37% at $2016.77
• Copper down $4.85 or -1.24% at $386.45
• Silver down $0.18 or -0.78% at $22.5735
• Platinum down $11.66 or -1.29% at $889.98