COMMODITIES: WTI Futures Hoilding Onto Bulk of Thursday's Rally

A volatile impulsive bull wave in WTI futures remains intact. The recent sharp pullback has allowed an extreme overbought trend condition to unwind. A key support zone to monitor is $76.92 - $68.95, the area between the 20- and 50-day EMAs. A clear break through this zone would signal a possible trend reversal. On the upside, a continuation higher near-term would open $103.15 next, a Fibonacci retracement. Gold remains in consolidation mode and is trading below $5419.11, the Mar 2 high. A short-term bullish theme is intact following recent gains. The metal has cleared all key retracement points of the sharp sell-off between Jan 29 - Feb 2. This strengthens the short-term bullish theme and signals scope for an extension towards key resistance and the bull trigger at $5595.5, the Jan 29 high. Initial firm support to watch lies at $4921.6, the 50-day EMA.

• WTI Crude down $0.18 or -0.19% at $95.53
• Natural Gas up $0.05 or +1.55% at $3.284
• Gold spot up $10.91 or +0.21% at $5090.83
• Copper down $6.55 or -1.12% at $580.3
• Silver down $1.24 or -1.48% at $82.6485
• Platinum down $50.31 or -2.36% at $2082.63