COMMODITIES: WTI Futures Extend Recovery From Wednesday's Low

WTI futures have recovered from Wednesday’s low and the recent bear leg appears to have been a correction. Recent cycle highs reinforced bullish conditions, signalling scope for a continuation higher near-term. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.91, the 50-day EMA. Gold remains constructive and Thursday's rally reinforces short-term bullish conditions. Recent gains have resulted in a breach of $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break represents a bullish development that opens the key resistance at $2450.1, May 20 high. Initial support to watch lies at the 50-day EMA, at 2332.8. A clear break of this average would alter the picture and expose $2277.4, May 3 low.

• WTI Crude up $0.86 or +1.04% at $83.54
• Natural Gas up $0.01 or +0.4% at $2.281
• Gold spot down $7.91 or -0.33% at $2407.04
• Copper up $2.1 or +0.47% at $452.95
• Silver down $0.59 or -1.88% at $30.8655
• Platinum down $10.01 or -0.99% at $997.3