WTI Futures Trade Close to Recent Highs

WTI futures remain in a bull cycle and last week’s gain strengthens this current condition. The contract touched a high of $81.81 on Apr 4, above key resistance at $81.04, the Mar 7 high. A clear break of $81.04 would signal scope for a continuation higher and open $83.04, the Jan 23 high. Key support is seen at $75.72, the Mar 31 high and a gap low on the daily chart. A pullback, if seen, would be considered corrective. Trend conditions in Gold remain bullish and last week’s resumption of the uptrend reinforces current conditions - the yellow metal cleared former resistance at 2009.7, the Mar 20 high, to post fresh YTD highs and signal scope for a climb towards $2034.0 next, a Fibonacci projection. On the downside, key support has been defined at $1934.3, the Mar 22 low - a break would highlight a potential reversal.

• WTI Crude up $0.59 or +0.74% at $80.29
• Natural Gas down $0.01 or -0.6% at $2.159
• Gold spot up $11.5 or +0.58% at $2003.24
• Copper up $3.5 or +0.88% at $401.1
• Silver up $0.16 or +0.64% at $25.0529
• Platinum up $12.58 or +1.26% at $1010.44