Gold's Bear Cycle Intact as Yellow Metal Trades Lower Again Monday

WTI futures traded higher overnight and in the process pierced resistance at $74.73, the May 24 high. The contract has pulled back from today’s high. A clear break of $74.73 would strengthen a bullish condition and signal scope for an extension higher. This would open $76.74, the Apr 28 high. For bears, a stronger reversal would instead signal a top and this would once again expose key support at $63.90, the May 4 low. The bear cycle in Gold remains intact and recent short-term gains appear to have been a correction. The yellow metal is once again testing trendline support drawn from Nov 3 2022. A clear breach of this trendline, at $1946.9, would reinforce bearish conditions and open $1903.5, a Fibonacci retracement. Initial firm resistance is $1985.3, the May 24 high. Clearance of this level is required to signal a short-term reversal.

• WTI Crude up $1.68 or +2.34% at $73.43
• Natural Gas up $0.06 or +2.67% at $2.23
• Gold spot down $6.83 or -0.35% at $1941.48
• Copper down $1.15 or -0.31% at $371.5
• Silver down $0.16 or -0.67% at $23.4485
• Platinum up $0.36 or +0.04% at $1008.35