Bear Cycle in Gold Intact as Yellow Metal Trades Lower Wednesday

WTI futures traded higher Monday, 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 highlight a top and expose key support at $63.90, the May 4 low. First support to watch is $70.00, the Jun 2 low. The bear cycle in Gold remains intact and the yellow metal on Monday once again tested trendline support drawn from Nov 3 2022. The trendline intersects at $1951.3. A clear breach of this line would reinforce bearish conditions and open $1903.5,61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level would signal a short-term reversal.

• WTI Crude up $0.09 or +0.13% at $71.87
• Natural Gas up $0 or +0.18% at $2.266
• Gold spot down $1.55 or -0.08% at $1960.64
• Copper up $3.6 or +0.96% at $380.75
• Silver down $0.04 or -0.15% at $23.5091
• Platinum up $5.47 or +0.53% at $1042.96