Gold Conditions Technically Bearish Despite Recent Move Higher

WTI futures remain in a bear mode condition and recent gains appear to be corrective. Support at $67.21, the May 31 low, was again pierced last week, a clear break of this level 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. Clearance of this level would signal a reversal. Initial resistance is $72.72, the Jun 21 high. Trend conditions in Gold remain bearish and the latest short-term gains are considered corrective. Fresh trend lows last week reinforce current bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1933.9, the 20-day EMA.

• WTI Crude up $0.52 or +0.75% at $70.32
• Natural Gas down $0.03 or -0.92% at $2.684
• Gold spot up $5.98 or +0.31% at $1927.64
• Copper down $1.25 or -0.33% at $378.15
• Silver up $0.02 or +0.09% at $22.9575
• Platinum up $8.32 or +0.91% at $922.49