Gold Below Recent Highs But Trend Conditions Still Technically Bullish

WTI futures have pulled back from recent highs. The recent recovery that started May 4 is considered corrective and the move higher has allowed an oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would confirm a resumption of the broader downtrend. Gold remains below its recent highs but trend conditions remain bullish. The yellow metal has recently breached resistance at $2048.7, the Apr 13 high to confirm a resumption of the broader bull cycle. This maintains the positive price sequence of higher highs and higher lows and moving average studies remain in a bull-mode set-up. The focus is on $2070.4, the Mar 8 2022 high ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.

• WTI Crude up $0.18 or +0.26% at $70.1
• Natural Gas up $0.05 or +2.12% at $2.309
• Gold spot up $6.05 or +0.3% at $2016.62
• Copper up $3.75 or +1.01% at $376.5
• Silver up $0.07 or +0.29% at $24.028
• Platinum up $9.94 or +0.94% at $1061.66