COMMODITIES: WTI Futures Bounce Off Tuesday's Lows, Bearish Threat Remains

A bear threat in WTI futures remains present and the contract has traded lower this week. The recent breach of both the 20- and 50-day EMAs, reinforces the bear theme. A continuation lower 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. The recent move down in Gold is considered corrective, however, the yellow metal has managed to pierce support at the 50-day EMA - at $2363.9. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, this week’s gains are constructive. A stronger reversal would refocus attention on $2483.7, the Jul 17 high, and a bull trigger. Clearance of this hurdle resumes the uptrend.

• WTI Crude up $1.75 or +2.34% at $76.46
• Natural Gas up $0.01 or +0.52% at $2.139
• Gold spot up $9.79 or +0.41% at $2420.39
• Copper up $5.75 or +1.41% at $414.05
• Silver up $0.18 or +0.63% at $28.5585
• Platinum up $2.45 or +0.25% at $967.11