WTI Futures Target $77.93 50-Day EMA Resistance

WTI futures remain above last week’s lows and key short-term support has been defined at $73.80, the Feb 22 low. Moving average studies are in a bear-mode position and for now, this continues to highlight a downtrend. A break of the $73.80, would open $72.64, the Feb 6 low. Initial resistance to watch is at $77.93, the 50-day EMA. A clear break of this EMA would be a bullish development. Trend conditions in Gold remain bearish and price is trading below the 50-day EMA, at $1846.8 - current gains are considered corrective. The break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 and Feb 2. On the upside, the 50-day EMA marks the first key short-term resistance. A clear breach of this average would ease bearish pressure.

• WTI Crude up $0.24 or +0.31% at $77.32
• Natural Gas up $0.01 or +0.29% at $2.753
• Gold spot up $4.98 or +0.27% at $1831.57
• Copper up $5.4 or +1.32% at $414.35
• Silver up $0.13 or +0.6% at $21.037
• Platinum up $7.62 or +0.8% at $963.95