Crude oil, gold and silver are positioned to extend losses with prices still locked in with risk sentiment as US equity index futures trade lower, pointing to building selling pressure ahead of the opening bell on Wall St. Commodities - Energy Oil Stalls at Resistance as Risk Appetite Begins to Fade Crude Oil (WTI) $76.62 -$0.71 -0.92% Prices remain locked in with risk sentiment as the percent-change correlation between crude and the Dow Jones Industrial Average at 0.80. US equity index futures are lower in early European trade, hinting that selling pressure may emerge ahead. However, the economic calendar looks supportive weekly US Jobless Claims readings expected to inch lower while the Philly Fed measure of manufacturing confidence rebounds in February after snapping a four-month winning streak in the previous month. Technically, prices have paused ahead of resistance at $77.53, the most recent major swing top. A push higher exposes the $79.22 level. Initial support lines up at $75.39, followed by the broken channel top now at $74.22. Gold, Silver to Extend Losses as Stock Index Futures Retreat Gold $1100.55 -$6.26 -0.57% The percent-change correlation between gold and the Dow Jones Industrial Average stands at 0.78, hinting that the near-term bias favors losses in the near term as US equity index futures trade lower ahead of the opening bell on Wall St. A break past $1101.16 exposes resistance-turned-support at the upper boundary of a falling channel that had guided prices from the swing top in January, now at $1086.67. Silver $15.71 -$0.15 -0.95% Prices have pulled back to support at the bottom of a rising channel that has guided the bullish correction from February’s swing low. A break lower exposes the $15.00 figure, while a rebound will target the channel top, now at $16.37. The percent-chance correlation between silver and the Dow Jones Industrial Average now stands at 0.86, suggesting that as with gold and oil, the near-term bias favors the downside.

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