Gold Softens Close to Recent Lows

WTI futures remain below resistance at $75.70, the Jun 5 high and the outlook remains bearish, despite the recent recovery. The pullback from $75.70 reinforces a bearish theme. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.70 would signal a reversal. The bear cycle in Gold remains intact. The yellow metal breached trendline support last week, drawn from the Nov 3 2022 low. The trendline intersects at $1973.5. The break of this line reinforces a bearish condition 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 up $0.12 or +0.17% at $71.31
• Natural Gas up $0.02 or +0.88% at $2.515
• Gold spot down $2.12 or -0.11% at $1934.17
• Copper down $0.55 or -0.14% at $388.8
• Silver down $0.08 or -0.33% at $23.06
• Platinum down $9.49 or -0.98% at $954.82