Gold Trades at 3-Month Low; $1885.8 Mar 15 Low Marks Next Support

WTI futures remain in a bear mode condition and short-term gains are considered corrective. Attention is on support at $67.21, the May 31 low, that has recently been pierced. A clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The contract is trading below resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. Trend conditions in Gold remain bearish and the yellow metal is trading at this week’s lows. Fresh trend lows reinforce current bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1939.8, the 20-day EMA.

• WTI Crude up $0.35 or +0.5% at $69.88
• Natural Gas up $0.01 or +0.34% at $2.676
• Gold spot down $1.17 or -0.06% at $1906.64
• Copper down $3 or -0.8% at $371.1
• Silver up $0.07 or +0.31% at $22.7773
• Platinum up $4.4 or +0.48% at $919.8