COMMODITIES: Bear Threat in WTI Futures Remains Present

A bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind. Recent weakness in Gold appears to be a correction - for now. However, note that the yellow metal has managed to pierce support at the 50-day EMA - at $2375.3. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, a resumption of gains would open $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend.

• WTI Crude up $0.27 or +0.37% at $73.49
• Natural Gas up $0.02 or +0.85% at $2.026
• Gold spot up $2.18 or +0.09% at $2392.99
• Copper down $6.9 or -1.71% at $395.9
• Silver down $0.09 or -0.33% at $26.9035
• Platinum up $5.99 or +0.65% at $921.22