COMMODITIES: WTI Futures Erase This Week's Earlier Gains, Back Below 50-Day EMA

WTI futures have pulled back from Tuesday high and price is again trading below the 50-day EMA - at $72.17. Attention is on $70.43, the Feb 6 low. A clear break of this support would undermine a bullish theme and confirm a clear breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key short-term resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. Recent gains once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2809.2, the 20-day EMA.

• WTI Crude down $0.71 or -0.99% at $70.65
• Natural Gas up $0.09 or +2.61% at $3.66
• Gold spot up $11.26 or +0.39% at $2916.01
• Copper down $0 or 0% at $470.4
• Silver up $0.04 or +0.13% at $32.29
• Platinum up $7.02 or +0.7% at $1003.17