COMMODITIES: Bear Cycle in Gold Remains in Play

WTI futures have pulled back from last Wednesday’s high of 80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $80.62, the May 29 high. A bear cycle in Gold remains in play for now, and the yellow metal has started this week on a bearish note. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.8, represents a key support. 

• WTI Crude up $0.23 or +0.3% at $77.24
• Natural Gas up $0.12 or +4.72% at $2.704
• Gold spot down $1.54 or -0.07% at $2326.32
• Copper up $1.5 or +0.33% at $462
• Silver down $0.15 or -0.51% at $30.2735
• Platinum down $6.53 or -0.63% at $1031.9