COMMODITIES: Gold Trend Remains Bullish Following Sequence of Record Highs

WTI futures traded sharply higher Monday. This undermines the medium-term bearish condition and instead signals scope for a continuation higher near-term. The rally has exposed the next key resistance at $72.91, the Feb 11 high. Clearance of this level would strengthen the bullish theme. On the downside, initial firm support to watch lies at $69.01, the 20-day EMA. A breach of this level would signal a potential reversal. The trend condition in Gold is unchanged, it remains bullish. The latest rally reinforces current conditions and confirms a continuation of the primary uptrend. The rally also once again, highlights fresh all-time highs for the yellow metal. Sights are on the $3151.5, a Fibonacci projection. Support to watch lies at $3004.9, the 20-day EMA. A pullback would be considered corrective.

• WTI Crude down $0.2 or -0.28% at $71.09
• Natural Gas up $0.02 or +0.48% at $3.967
• Gold spot up $20.3 or +0.65% at $3133.08
• Copper up $3.7 or +0.73% at $505.7
• Silver up $0.31 or +0.93% at $34.0041
• Platinum down $6.15 or -0.62% at $985.32