COMMODITIES: Sharp Rally in WTI Futures Undermines Recent Bearish Theme

WTI futures rallied sharply higher Monday. The move undermines a recent bearish theme and price has traded through both the 20- and 50-day EMAs. A continuation higher would signal scope for a climb towards $80.77, a Fibonacci retracement. Clearance of this level would open $83.58, the Jul 5 high. On the downside, a return to bearish price action would expose key support at $71.67, the Aug 5 low. Recent weakness in Gold appears to be corrective and the trend structure remains bullish. Note that the yellow metal has recently managed to pierce support at the 50-day EMA - currently at $2383.4. A clear break of this average would signal scope for a deeper retracement towards $2277.4, May 3 low and a key support. For bulls, attention is on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the uptrend. 

• WTI Crude down $0.41 or -0.51% at $79.66
• Natural Gas down $0 or -0.14% at $2.186
• Gold spot down $12.18 or -0.49% at $2460.79
• Copper down $3.9 or -0.95% at $406.5
• Silver down $0.24 or -0.86% at $27.7335
• Platinum down $6.64 or -0.7% at $937.89