COMMODITIES: Gold Remains Constructive, Trades Close to Last Week's Highs

WTI futures remain above last week’s low. The recent bear leg appears to have been a correction. Recent cycle highs reinforced bullish conditions, signalling scope for a continuation of the bull cycle near-term. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $80.00, the 50-day EMA. Gold remains constructive and last Thursday's rally reinforces short-term bullish conditions. Recent gains resulted in a breach of $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break represents a bullish development that opens the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2335.9. A clear break of this average would alter the picture and expose $2277.4, May 3 low.

• WTI Crude up $0.11 or +0.13% at $82.27
• Natural Gas down $0.06 or -2.45% at $2.272
• Gold spot down $0.59 or -0.02% at $2410.36
• Copper down $2.7 or -0.59% at $456.85
• Silver down $0.08 or -0.27% at $30.695
• Platinum down $5.1 or -0.51% at $998.52