WTI, Brent Bounce, But Gold Still Close to Cycle Lows

WTI and Brent crude futures are higher Wednesday, with both benchmarks bouncing further off the Tuesday low. For WTI, the Tuesday high at $61.21 appears to be containing prices so far, but a move north of here would open $61.53 - intraday resistance. This level marks the 50% retracement of the pullback from cycle highs.

• Both gold and silver are in minor negative territory, erasing much of yesterday's late gains. Gold weakness would accelerate on a move through $1707.22, opening the $1700 handle and June 2020 lows at $1670.98.
• Active copper futures are broadly flat, trading within range of the Tuesday highs at $422.71. This week's price action has relieved overbought conditions, which topped out with an RSI reading of over 88 last week.