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Oil Bear Cycle Persists, Weaker for Second Session

COMMODITIES

The bear cycle in Gold remains intact and short-term gains are - for now - considered corrective. The yellow metal has pierced $1940.2, trendline support drawn from Nov 3 2022. WTI futures remain in a bear mode position. The strong sell-off yesterday resulted in print below support at $69.39, the May 15 low. A clear break of this level would strengthen bearish conditions and pave the way for weakness towards $63.90, the May 4 low.


  • WTI Crude down $0.63 or -0.91% at $68.9
  • Natural Gas down $0.02 or -0.82% at $2.309
  • Gold spot down $4.08 or -0.21% at $1955.2
  • Copper down $3.1 or -0.85% at $363
  • Silver up $0.03 or +0.13% at $23.1972
  • Platinum down $7.81 or -0.76% at $1017.32
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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