WTI Futures Target $75.83 March 31 Support Level

WTI futures are trading lower this week. This has resulted in a breach of support at $79.04, the Apr 3 low and the gap high on the daily chart. The continuation lower has also resulted in a break of both the 20- and 50-day EMAs. This signals scope for a move to $75.83, the Mar 31 high and a gap low on the daily chart. On the upside, key short-term resistance has been defined at $83.38, the Apr 12 high. A break would resume the recent uptrend. Trend conditions in Gold remain bullish, however, the yellow metal has entered a short-term corrective cycle. Price has breached initial firm support at $1987.3, the 20-day EMA, highlighting potential for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break of this level would confirm a resumption of the uptrend.

• WTI Crude down $0.08 or -0.1% at $77.34
• Natural Gas down $0.03 or -1.38% at $2.218
• Gold spot down $16.83 or -0.84% at $1987.49
• Copper down $0.95 or -0.24% at $402.15
• Silver down $0.16 or -0.65% at $25.11
• Platinum down $1.08 or -0.1% at $1095.3