Gold Holds Onto Thursday Gains Though Remains in Technical Bear Cycle

WTI futures continue to trade below key short-term resistance at $75.06, the Jun 5 high. The pullback from this level reinforces a bearish theme. A continuation lower would signal scope for weakness towards $67.03, the May 31 low and key support at $63.90, the May 4 low. Moving average studies remain in a bear mode position highlighting a downtrend. On the upside, a break of resistance at $75.06 is required to highlight a potential bullish theme. The bear cycle in Gold remains intact. The yellow metal traded lower Wednesday and once again pierced trendline support drawn from Nov 3 2022. The trendline intersects at $1955.7. A clear breach of this line would reinforce bearish conditions and open $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level would signal a short-term reversal.

• WTI Crude down $0.16 or -0.22% at $71
• Natural Gas down $0.02 or -0.98% at $2.319
• Gold spot down $3.02 or -0.15% at $1964.99
• Copper up $0.95 or +0.25% at $381.8
• Silver up $0.13 or +0.52% at $24.4144
• Platinum down $0.45 or -0.04% at $1021.26