COMMODITIES: Short-Term Bearish Threat in WTI Futures Remains Present

The recent move lower in WTI futures signals scope for an extension near-term. The contract has traded through both the 20- and 50-day EMAs, reinforcing a short-term bearish threat. A resumption of the bear leg would open $72.23, the Jun 4 low and the next key support. For bulls, a reversal higher would instead refocus attention on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high. Gold has pulled back from its recent highs. The move down is considered corrective, however, the yellow metal has pierced support at the 50-day EMA - at $2360.0. A clear break of this average would signal scope for a deeper retracement. This would open $2277.4, the May 3 low and a key support. For bulls, a reversal higher would refocus attention on $2483.7, the Jul 17 high, and a bull trigger. A break would resume the primary uptrend.

• WTI Crude down $0.14 or -0.18% at $78.12
• Natural Gas down $0 or -0.2% at $2.036
• Gold spot up $8.77 or +0.37% at $2372.68
• Copper up $1.15 or +0.28% at $413.55
• Silver down $0.09 or -0.32% at $27.751
• Platinum down $3.07 or -0.33% at $934.31