WTI crude oil tumbles sharply today on de-escalation in Russia-Ukraine situation. Technically, a short term top should be in place at 95.98. Immediate focus is now on 55 day EMA (now at 91.18). Sustained trading below this level will argue that WTI is already in correction to whole rally from 66.46. In this case, deeper correction would be seen through 88.66 support to 38.2% retracement of 66.46 to 95.98 at 84.70, which is inside 82.42/87.70 support zone, and then be close to 55 day EMA.
Gold of also retreated sharply from 1879.24, after failing to sustain above 1877.05 resistance. The development dampened the immediate bullish case, and some consolidations could be seen first. But further rally will remain in favor as long as 1820.72 support holds. Break of 1879.24 will resume the rise from 1752.12, and that from 1682.60. Next target is 1916.30 resistance, and then 100% projection of 1682.60 to 1877.05 from 1752.12 at 1946.57.
