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Bearish WTI Theme Remains Intact

COMMODITIES

Gold is unchanged. The medium-term trend structure remains bullish. Monday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and paves the way for a climb towards 2452.5 next. A bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction.

  • WTI Crude down $0.79 or -1% at $77.69
  • Natural Gas down $0.03 or -1.27% at $2.631
  • Gold spot down $4.22 or -0.17% at $2416.26
  • Copper down $7.45 or -1.46% at $503.65
  • Silver down $0.23 or -0.7% at $31.7705
  • Platinum down $0.98 or -0.09% at $1053.75
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