COMMODITIES: WTI Future Trend Conditions Bullish Despite Recent Pullback

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 resumption of gains 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, the contract has pulled back from the recent high. A stronger sell-off would refocus attention on key support at $71.67, Aug 5 low. Gold is unchanged and the metal is holding on to its latest gains. Recent weakness appears to be corrective and the trend structure remains bullish. Note that price recently pierced support at the 50-day EMA - currently at $2391.6. A clear break of it would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. Attention is on $2483.7, the Jul 17 high and a bull trigger. A break of this hurdle resumes the uptrend.

• WTI Crude down $0.73 or -0.93% at $77.43
• Natural Gas up $0.02 or +0.68% at $2.212
• Gold spot up $5.44 or +0.22% at $2462.09
• Copper down $2.45 or -0.59% at $415.2
• Silver down $0.12 or -0.42% at $28.2341
• Platinum down $3.35 or -0.35% at $953.01