WTI Future Outlook Remains Bearish Despite Recent Recovery

WTI futures continue to trade below resistance at $75.06, the Jun 5 high and the outlook remains bearish, despite last week’s recovery. The pullback from $75.06 reinforces a bearish theme. Support at $67.03, May 31 low, has recently been pierced, a clear break would open $63.90, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.06 would signal a reversal. S/T gains are considered corrective. The bear cycle in Gold remains intact. The yellow metal breached trendline support last week, drawn from the Nov 3 2022 low. The trendline intersects at $1969.03. The break of this line reinforces a bearish condition and marks a resumption of the downtrend. The focus is on $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 resistance would signal a short-term reversal instead.

• WTI Crude down $0.53 or -0.74% at $71.25
• Natural Gas down $0.05 or -1.79% at $2.584
• Gold spot down $1.52 or -0.08% at $1956.48
• Copper down $0.8 or -0.21% at $389.35
• Silver down $0.15 or -0.61% at $24.047
• Platinum down $3.89 or -0.39% at $983