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COMMODITIES: Gold Continues to Trade Below Resistance; Bear Threat Remains

COMMODITIES

WTI futures are trading closer to their latest highs and the current bull phase remains intact. The recent move higher has resulted in a break of $80.11, the May 29 high and a key resistance. The clear breach of this hurdle cancels a bearish theme and paves the way for $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.54, the 50-day EMA. A break would be seen as an early potential reversal signal. Gold continues to trade below resistance and a bear threat remains present. A sharp sell-off on Jun 7 reinforced a short-term bearish theme. The yellow metal has again pierced the 50-day EMA, at 2318.4. A clear break of this EMA would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.

  • WTI Crude up $0.29 or +0.36% at $81.11
  • Natural Gas down $0.04 or -1.45% at $2.716
  • Gold spot down $1.96 or -0.08% at $2317.53
  • Copper up $2.1 or +0.48% at $439.2
  • Silver up $0.09 or +0.32% at $29.0085
  • Platinum up $9.7 or +0.98% at $997.93
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