Gold Approaches Retracement Support at $1903

WTI futures remain in a bear mode condition and the sharp sell-off late last week reinforces this condition. Support at $67.21, the May 31 low, has recently been pierced, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The contract is trading below resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. Trend conditions in Gold are unchanged and the outlook remains bearish following last week’s move lower. Trendline support has been breached - the line is drawn from the Nov 3 2022 low and the break reinforces a bearish condition. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1943.2, the 20-day EMA.

• WTI Crude down $0.35 or -0.52% at $67.33
• Natural Gas up $0.04 or +1.38% at $2.801
• Gold spot down $3.34 or -0.17% at $1910.41
• Copper down $1.3 or -0.34% at $377.5
• Silver down $0.09 or -0.41% at $22.7665
• Platinum down $9.73 or -1.05% at $917.05