COMMODITIES: Gold Extends Moderate Pullback from Cycle Highs

WTI futures initially traded lower this week marking an extension of the corrective cycle. However, the contract has recovered from Tuesday’s low and this signals the end of a corrective phase. Note that support at the 50-day EMA, at $79.43, remains intact. This average represents an important pivot level and a clear break would highlight a stronger reversal. Initial key resistance to watch is $83.58, the Jul 5 high. The trend condition in Gold remains bullish and this week’s gains reinforce current conditions. 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. Initial support is at $2382.6, the 20-day EMA.

• WTI Crude down $0.18 or -0.22% at $82.65
• Natural Gas down $0.04 or -1.69% at $2.088
• Gold spot down $24.55 or -1% at $2420.14
• Copper down $0.75 or -0.18% at $427.4
• Silver down $0.47 or -1.58% at $29.358
• Platinum down $4.84 or -0.5% at $967.43