Gold in Bearish Cycle and Trading Near Recent Lows

WTI futures traded higher Wednesday. A short-term bearish threat remains present and initial resistance at $73.93, the Apr 28 low, is intact. A resumption of weakness and a break of $69.41, the May 15 low, would strengthen near-term bearish conditions. The recent print below $64.58, the Mar 20 low and a key support, is a medium-term bearish development. A clear break of it would resume the broader downtrend. Gold remains in a bearish cycle and is trading at its recent lows. Support to watch is $1977.0, the 50-day EMA and $1969.3, the Apr 19 low. A clear break of this support zone is required to highlight a stronger bearish threat. The medium-term trend condition remains bullish - moving average studies are in a bull-mode set-up and this highlights an uptrend. Key resistance and the bull trigger is at $2063.0, the May 4 high.

• WTI Crude down $0.34 or -0.47% at $72.56
• Natural Gas down $0.01 or -0.21% at $2.361
• Gold spot down $5.93 or -0.3% at $1975.11
• Copper down $2.7 or -0.72% at $372.85
• Silver down $0.27 or -1.15% at $23.4674
• Platinum down $9.3 or -0.87% at $1063.92