COMMODITIES: Recent Sell-Off in WTI Futures Results in Breach of 50-Day EMA

Weakness into the Friday close keeps the focus pointed lower for WTI futures. The 50-day EMA gave way during the sell-off late last week, opening the potential for further losses toward 76.95 - the Jun 13th low on the continuation contract. 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. The trend condition in Gold remains bullish, despite the fade off the mid-week highs. 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. Initial support is at $2382.6, the 20-day EMA.

• WTI Crude up $0.27 or +0.34% at $80.4
• Natural Gas up $0.04 or +2.07% at $2.172
• Gold spot up $0.31 or +0.01% at $2401.46
• Copper up $0.25 or +0.06% at $424
• Silver down $0.12 or -0.4% at $29.099
• Platinum down $3.61 or -0.37% at $961.82