COMMODITIES: WTI Futures Remain Soft Following Sharp Pullback Monday

WTI futures have traded sharply lower this week and the contract remains soft. Price has cleared $73.24, the 76.4% retracement of the Dec 13 - Apr 12 bull leg. This reinforces the current bearish theme and signals scope for a continuation. Note that moving average studies are in a bear-mode position too, highlighting a downtrend. Sights are on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level. A short-term bear cycle in Gold remains in play for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2311.9, represents a key support.

• WTI Crude up $0.55  or +0.74% at $74.65
• Natural Gas down $0.03 or -0.91% at $2.732
• Gold spot up $6.89 or +0.29% at $2361.81
• Copper up $2.1 or +0.46% at $462.5
• Silver up $0.29 or +0.97% at $30.292
• Platinum down $2.05 or -0.21% at $997.93