COMMODITIES: WTI Futures Remain Below 50-Day EMA, Potential for Further Weakness

Weakness into the Friday close keeps the focus pointed lower for WTI futures. The 50-day EMA gave way during the sell-off late last week, opening the potential for further losses toward 76.95 - the Jun 13th low on the continuation contract. Initial key resistance to watch is $83.58, the Jul 5 high, and a break and close above this level is needed ahead of any test on the 84.36 bull trigger. Gold prices faded across the second half of last week, resulting in new pullback lows of $2383.99 on Monday. Nonetheless, the broader gains last week reinforce current conditions, and keep the M/T trend pointed higher. The yellow metal has breached key resistance and the bull trigger at $2450.1, the May 20 high. This confirms a resumption of the medium-term uptrend and opens the $2500.00 handle next. Moving average studies are in a clear bull-mode set-up, highlighting a rising trend. Initial support is at $2390.6, the 20-day EMA.

• WTI Crude up $0.14 or +0.18% at $78.56
• Natural Gas down $0 or -0.09% at $2.249
• Gold spot up $8.14 or +0.34% at $2404.57
• Copper down $2.5 or -0.6% at $417
• Silver down $0.16 or -0.56% at $28.9575
• Platinum down $0.92 or -0.1% at $950.19