WTI Spikes to $80.22 Fib Retracement After Russia Signals Oil Output Cut

WTI futures are holding on to this week’s gains. The contract has pierced resistance at the 50-day EMA - at $78.34. A clear break of this hurdle would strengthen the latest recovery and open $80.22, a Fibonacci retracement. Clearance of $80.22 would expose the key resistance at $82.66, the Jan 18 high. On the downside, a break below $72.25, the Feb 6 low, would reinstate a bearish theme. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.5. The average represents a key support and has been pierced. A clear break would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.

• WTI Crude up $1.77 or +2.27% at $80.12
• Natural Gas up $0.04 or +1.56% at $2.482
• Gold spot up $1.45 or +0.08% at $1862.82
• Copper down $4.25 or -1.04% at $407.9
• Silver up $0.15 or +0.68% at $22.1138
• Platinum down $2.05 or -0.21% at $957