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• On the commodity front, recent gains in Gold appear to be corrective, however for now, a short-term bull cycle is intact. The metal has pierced the 50-day EMA, at $4782.1. This signals scope for an extension towards $4914.9, the 61.8% retracement of the Mar 2 - 23 bear leg. Clearance of this level would open the $5000.0 handle. Initial firm support to watch lies at $4554.2, the Apr 2 low. A break of this level would be bearish.
• Recent weakness in WTI futures is considered corrective. The contract has traded through the 20-day EMA, at $97.36. Attention is on support at the 50-day EMA, at $86.97. It has been tested, a clear break of the average is required to highlight a stronger short-term reversal. On the upside key resistance and the bull trigger has been defined at $117.63, the Apr 7 high. Clearance of this hurdle would confirm a resumption of the uptrend.

• RES 4: 112-16   61.8% retracement of the Mar 2 - 27 bear leg 
• RES 3: 112-07   High Mar 18
• RES 2: 111-31   50.0% retracement of the Mar 2 - 27 bear leg 
• RES 1: 111-18+/21   50-day EMA / High Apr 08
• PRICE:‌‌ 111-14+ @ 10:45 BST Apr 15
• SUP 1: 111-05+ Low Apr 14
• SUP 2: 110-16/109-24   Low Apr 2 / Low Mar 27 and the bear trigger
• SUP 3: 109-22+ 1.764 proj of the Mar 10 - 13 - 18 price swing
• SUP 4: 109-12   2.000 proj of the Mar 10 - 13 - 18 price swing

The latest recovery in Treasuries still appears corrective. Trend signals remain bearish, highlighted by moving average studies that are in a bear-mode position. Support to watch is 110-16, the Apr 2 low. A break would be bearish. The next important resistance is 111-18+, the 50-day EMA. Clearance of this average is required to signal scope for a stronger recovery that would open 111-31, a Fibonacci retracement.

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