COMMODITIES: Short-Term Bearish Theme in Gold Remains in Play

A bull cycle in WTI futures remains in play and the contract traded higher Tuesday, before giving back some gains. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. This opens $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.19, the 50-day EMA. Gold is unchanged and is trading in consolidation mode. A bear threat remains present and the sell-off on Jun 7 reinforced a short-term bearish theme. Price has pierced the 50-day EMA, at 2319.3. A clear break of this EMA would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.

• WTI Crude up $0.23 or +0.28% at $83.03
• Natural Gas up $0.01 or +0.53% at $2.448
• Gold spot up $15.17 or +0.65% at $2345.47
• Copper up $9.35 or +2.12% at $451.2
• Silver up $0.61 or +2.05% at $30.1419
• Platinum up $2.71 or +0.27% at $1002.47