COMMODITIES: WTI Futures Trade Higher Again, Above Key Resistance Levels

A bull cycle in WTI futures remains in play and the contract is trading higher today. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been pierced. A clear break would open $85.24, the Apr 12 high and a bull trigger. Initial firm support to watch is $78.76, the 50-day EMA. A break would be seen as a potential reversal signal. A bear threat in Gold remains present and the yellow metal continues to trade closer to its recent lows. The sell-off on Jun 7 reinforced a short-term bearish theme. Price has pierced the 50-day EMA, at 2318.1. A clear break of this EMA 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 $0.67 or +0.82% at $82.39
• Natural Gas up $0.03 or +1.23% at $2.718
• Gold spot up $1.4 or +0.06% at $2328.91
• Copper up $3.6 or +0.83% at $438.35
• Silver up $0.29 or +1.01% at $29.256
• Platinum up $14.33 or +1.45% at $1004.39