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COMMODITIES: WTI Futures Remain Above Key Resistance at $80.11

COMMODITIES

WTI futures traded higher last week, extending the current bull phase. The climb has resulted in a break of $80.11, the May 29 high and a key resistance. The clear breach of this hurdle cancels a recent bearish theme and paves the way for $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.33, the 20-day EMA. A break would be seen as an early potential reversal signal. Gold continues to trade below resistance - for now. A sharp sell-off on Jun 7 reinforced a short-term bearish theme. The yellow metal has pierced the 50-day EMA, at 2317.7. A clear break would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.

  • WTI Crude up $0.21 or +0.26% at $80.95
  • Natural Gas down $0.01 or -0.22% at $2.7
  • Gold spot up $7.53 or +0.32% at $2329.57
  • Copper up $0.45 or +0.1% at $443.5
  • Silver up $0.15 or +0.51% at $29.7028
  • Platinum up $11.14 or +1.12% at $1006.02
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