Current Bull Theme in WTI Futures Intact Despite Trading Slightly Lower Friday

The current bull cycle in WTI futures remains intact. The contract has recently breached $72.72, the Jun 21 high and Wednesday’s move higher resulted in a break of key resistance at $75.70, the Jun 5 high. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun 12 low. Initial support is at $72.31, the 20-day EMA. Gold is holding on to its latest gains. The yellow metal has breached resistance at the 50-day EMA. The average intersects at $1945.0 and the break signals scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key resistance has been defined at $1985.3, the May 24 high where a break would highlight a stronger reversal. Key support and the bear is at $1893.1, the Jun 29 low.

• WTI Crude down $0.06 or -0.08% at $76.8
• Natural Gas up $0.02 or +0.59% at $2.555
• Gold spot down $3.74 or -0.19% at $1956.79
• Copper down $2.1 or -0.53% at $391.75
• Silver down $0.12 or -0.5% at $24.7527
• Platinum down $8.4 or -0.86% at $968.03