COMMODITIES: Bearish Theme in WTI Futures Still in Play Despite Recent Recovery

Despite the latest recovery in WTI futures, a bearish theme remains in play. Price has recently cleared $73.24, the 76.4% retracement of the Dec 13 - Apr 12 bull leg. This reinforces the current bearish theme and signals scope for a continuation. Note that moving average studies are in a bear-mode position too, highlighting a downtrend. Sights are on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level. A short-term bear cycle in Gold remains in play for now, despite that latest recovery. Note that 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. Moving average studies are in a bull-mode position, highlighting an uptrend. Key resistance and the bull trigger is $2450.1,the May 20 high. The 50-day EMA, at $2314.4, represents a key support. 

• WTI Crude down $0.21 or -0.28% at $75.31
• Natural Gas up $0.01 or +0.25% at $2.829
• Gold spot down $29.29 or -1.23% at $2345.29
• Copper down $8.9 or -1.9% at $458.7
• Silver down $0.59 or -1.89% at $30.693
• Platinum down $9.92 or -0.98% at $996.89