COMMODITIES: Further Weakness in Gold Pulls Spot Through 20-Day EMA

WTI Future weakness through Tuesday and the broad commodity sell-off resulted in a new low for the contract at $76.40, breaking the Monday low in the process. Vol band based support undercuts from here at 76.52, ahead of key support at the Jun 4 low of 72.23. Initial key resistance to watch is $83.58, the Jul 5 high, and a break and close above this level is needed ahead of any test on the 84.36 bull trigger. Gold prices are heavy early Thursday, pushing spot below the 20-day EMA support to new pullback lows. Nonetheless, the broader gains last week reinforce current conditions, and keep the M/T trend pointed higher. The yellow metal has breached key resistance and the bull trigger at $2450.1, the May 20 high. This confirms a resumption of the medium-term uptrend and opens the $2500.00 handle next. Moving average studies are in a clear bull-mode set-up, highlighting a rising trend. Support shifts to $2320.1, the 50-day EMA.     

• WTI Crude down $0.61 or -0.79% at $77.02
• Natural Gas up $0.01 or +0.33% at $2.123
• Gold spot down $21.29 or -0.89% at $2376.8
• Copper down $1.45 or -0.35% at $409.45
• Silver down $0.9 or -3.1% at $28.016
• Platinum down $7.69 or -0.81% at $943.48