Gold Technical Conditions Bullish Despite Slight Dip Lower Tuesday

WTI futures remain below recent highs. The recovery that started May 4 appears to be a correction and the move higher has 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 confirm a resumption of the broader downtrend. Gold trend conditions remain bullish. The yellow metal has recently breached resistance at $2048.7, the Apr 13 high. This confirmed a resumption of the broader bull cycle and maintains the positive price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode set-up. The focus is on $2070.4, the Mar 8 2022 high ahead of the all-time high at $2075.5, the Aug 7 2020 high. Key support is 1969.3, the Apr 19 low.

• WTI Crude up $0.18 or +0.25% at $71.31
• Natural Gas down $0.01 or -0.25% at $2.369
• Gold spot down $7.35 or -0.36% at $2009.05
• Copper down $4.35 or -1.16% at $371
• Silver down $0.22 or -0.92% at $23.8655
• Platinum up $2.09 or +0.2% at $1069.5