WTI Futures Fade Off OPEC+ Induced Highs

WTI futures traded higher yesterday, piercing resistance at $74.73, the May 24 high. However, the contract has failed to hold on to its latest gains. A clear break of $74.73 would strengthen a bullish condition and signal scope for an extension higher. This would open $76.74, the Apr 28 high. For bears, a stronger reversal would instead signal a top and this would once again expose key support at $63.90, the May 4 low. The bear cycle in Gold remains intact and. The yellow metal is once again testing trendline support drawn from Nov 3 2022. The trendline intersects at $1949.1. A clear breach of this trendline would reinforce bearish conditions and open $1903.5, a Fibonacci retracement. Initial firm resistance is $1985.3, the May 24 high. A break of this level is required to signal a short-term reversal.

• WTI Crude down $1.57 or -2.18% at $70.56
• Natural Gas down $0.01 or -0.53% at $2.233
• Gold spot down $0.94 or -0.05% at $1960.64
• Copper down $3.9 or -1.04% at $372.85
• Silver down $0 or -0.01% at $23.5323
• Platinum down $2.95 or -0.29% at $1029.66