COMMODITIES: Sharp Move Lower in WTI Futures Reinforces Bearish Theme

WTI futures traded sharply lower Monday, starting the week on a bearish note. The contract has cleared support at $76.15, the May 24 low, and breached $75.64, the Mar 11 low. This reinforces a bearish theme and signals scope for an extension near-term. Sights are on $73.24, a Fibonacci retracement. Note that moving average studies are in a bear-mode position, highlighting a downtrend. Initial firm resistance is at $80.62, the May 29 high. A bear cycle in Gold remains in play for now, and the yellow metal is trading closer to its recent lows. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2309.5, represents a key support. 

• WTI Crude down $1.05 or -1.41% at $73.16
• Natural Gas down $0.01 or -0.33% at $2.747
• Gold spot down $15.27 or -0.65% at $2334.32
• Copper down $6.1 or -1.31% at $460.6
• Silver down $0.71 or -2.31% at $29.97
• Platinum down $12.45 or -1.22% at $1004.99