WTI Futures Vulnerable After Piercing $72.64 Feb 6 Low

A sharp sell-off in WTI futures last week has defined a key resistance at $80.94, Feb 7 high. A break of this hurdle is required to reinstate a bullish theme that would open $82.89, the Jan 23 high and a key resistance. The contract remains vulnerable and support at $72.64, Feb 6 low, has been pierced. A clear breach would strengthen a bearish threat and open $70.86, Dec 9 low and a bear trigger. Initial firm resistance is $78.06, the Mar 9 high. Gold rallied sharply higher last week and yesterday started the week on a firm note. Resistance at $1858.3, the Mar 6 high has been cleared. This signals scope for an extension towards $1923.2, a Fibonacci retracement point and a key near-term resistance. On the downside, initial firm support is seen at $1847.0, the 50-day EMA. A break of this level is required to signal a top - this would expose the bear trigger at $1804.9, the Feb 28 low.

• WTI Crude down $1.6 or -2.14% at $73.14
• Natural Gas up $0.04 or +1.61% at $2.647
• Gold spot down $10.69 or -0.56% at $1902.13
• Copper down $3.8 or -0.94% at $401.6
• Silver down $0.1 or -0.46% at $21.6883
• Platinum down $9.58 or -0.96% at $992.56