Gold Remains in Midst of Corrective Pullback

WTI futures remain below recent highs and the short-term outlook is bearish. The recovery from the May 4 low appears to have been a correction and this allowed an oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would resume the medium-term downtrend. Gold trend conditions are bullish, however, the yellow metal remains in bearish cycle and the recent move lower is considered corrective. Moving average studies are in a bull-mode set-up and this highlights an uptrend. Support to watch is $1976.8, 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. Key resistance and the bull trigger is at $2063.0, the May 4 high.

• WTI Crude down $0.22 or -0.31% at $70.26
• Natural Gas down $0 or -0.17% at $2.364
• Gold spot down $2.29 or -0.12% at $1988.33
• Copper up $3.6 or +0.98% at $368.65
• Silver down $0.11 or -0.45% at $23.6497
• Platinum up $5.26 or +0.49% at $1069.31