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Gold Trades Below Trendline Support at $1953.5

COMMODITIES

WTI futures traded higher Monday, piercing resistance at $74.73, the May 24 high. However, the contract failed to hold on to its gains. 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 highlight a top and expose key support at $63.90, the May 4 low. First support to watch is $70.00, the Jun 2 low. The bear cycle in Gold remains intact. The yellow metal traded lower yesterday and has once again pierced trendline support drawn from Nov 3 2022. The trendline intersects at $1953.5. A clear breach of this line would reinforce bearish conditions and open $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 level would signal a short-term reversal.


  • WTI Crude down $0.14 or -0.19% at $72.36
  • Natural Gas down $0.01 or -0.43% at $2.32
  • Gold spot up $7.86 or +0.41% at $1947.79
  • Copper up $0.05 or +0.01% at $375.9
  • Silver up $0.3 or +1.26% at $23.7055
  • Platinum up $1.27 or +0.12% at $1022.1
Energy BulletsCommodities
Energy BulletsCommodities

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