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COMMODITIES: WTI Futures Extend Current Bull Phase Following Move Higher Monday

COMMODITIES

WTI futures traded higher yesterday, extending the current bull phase. The climb has resulted in a print above at $80.62, the May 29 high and a key resistance. A clear break of this hurdle would cancel a recent bearish theme and pave the way for $82.93, a Fibonacci retracement point. Initial firm support to watch is $77.83, the 20-day EMA. A break would be seen as an early potential reversal signal. Gold is unchained and is trading closer to its recent lows. A sharp sell-off on Jun 7 reinforced a S/T bearish theme. The yellow metal has traded through the 50-day EMA, at 2314.6. The break confirms a resumption of the reversal that started May 20 and signals scope for a deeper correction. This has opened $2277.4, the May 3 low. Clearance of this price point would strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.

  • WTI Crude down $0.49 or -0.61% at $79.84
  • Natural Gas up $0.01 or +0.32% at $2.794
  • Gold spot down $6.99 or -0.3% at $2312.21
  • Copper down $5.35 or -1.21% at $437.4
  • Silver down $0.29 or -0.98% at $29.1755
  • Platinum down $1.28 or -0.13% at $970.76
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