Bull Cycle in WTI Futures Persists Despite Pull Lower Friday

The current bull cycle in WTI futures persists despite the pull lower in prices across the Friday session. The contract has recently breached $72.72, the Jun 21 high and Wednesday’s move higher resulted in a break of key resistance at $75.70, the Jun 5 high. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun 12 low. Initial support is at $72.31, the 20-day EMA. Gold is holding on to its latest gains. The yellow metal has breached resistance at the 50-day EMA. The average intersects at $1945.0 and the break signals scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key resistance has been defined at $1985.3, the May 24 high where a break would highlight a stronger reversal. Key support and the bear is at $1893.1, the Jun 29 low.

• WTI Crude down $1.25 or -1.66% at $74.13
• Natural Gas up $0.03 or +1.1% at $2.566
• Gold spot up $0.04 or +0% at $1955.44
• Copper down $10.25 or -2.61% at $383.1
• Silver down $0.15 or -0.62% at $24.7928
• Platinum down $7.39 or -0.76% at $968.4