Gold Holds Onto Thursday's Gains

WTI futures continue to trade below resistance at $75.06, the Jun 5 high and the outlook remains bearish, despite the latest recovery. The pullback from $75.06 reinforces a bearish theme. Support at $67.03, May 31 low, has been pierced, a clear break would open $63.90, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.06 is required to signal a reversal. S/T gains are considered corrective. The bear cycle in Gold remains intact. The yellow metal is trading below trendline support drawn from the Nov 3 2022 low - the trendline intersects at $1966.8. The break of this line reinforces bearish conditions and marks a resumption of the downtrend. The focus is on $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 resistance would signal a short-term reversal instead.

• WTI Crude down $0.05 or -0.07% at $70.57
• Natural Gas up $0.02 or +0.59% at $2.547
• Gold spot up $5.78 or +0.3% at $1963.36
• Copper up $0.05 or +0.01% at $390.7
• Silver up $0.17 or +0.7% at $24.016
• Platinum up $1.87 or +0.19% at $993.7