COMMODITIES: Rally in Gold to Fresh Record High Opens $2500

WTI futures have traded lower this week marking an extension of the current corrective cycle. Support to watch lies at $80.10, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement and open $74.94, the Jun 10 low. For bulls, a reversal would refocus attention on resistance at $84.52, the Jul 5 high. Clearance of this level would resume the bull cycle. The trend condition in Gold remains bullish and this week’s gains reinforce current conditions. The yellow metal traded higher Tuesday and 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 $2374.5, the 20-day EMA.

• WTI Crude up $0.12  or +0.15% at $80.93
• Natural Gas down $0.01 or -0.64% at $2.177
• Gold spot up $3.57 or +0.14% at $2473.76
• Copper up $1.55 or +0.35% at $446.9
• Silver down $0.29 or -0.93% at $30.958
• Platinum up $12.45 or +1.24% at $1017.81