Gold Remains Close to Last Week's Lows

WTI futures continue to trade above key short-term support at $81.14, the 50-day EMA. The recent move down between Apr 12 - 22, highlights a corrective phase and a clear break of the 50-day average would signal scope for a deeper retracement towards $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. A break would resume the uptrend. Gold remains in consolidation mode and is trading closer to its recent lows. The precious metal last week pierced the 20-day EMA and this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2233.6, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.

• WTI Crude down $0.31 or -0.37% at $83.5
• Natural Gas up $0.04 or +1.82% at $1.958
• Gold spot up $0.02 or +0% at $2338.43
• Copper up $2.75 or +0.6% at $460.05
• Silver up $0.18 or +0.67% at $27.383
• Platinum up $5.51 or +0.6% at $922