WTI Futures Bounce Well Off Monday Lows

WTI Futures prices bounced off the Monday lows and trade well through the Tuesday open. This keeps the current bull cycle intact after the recent breach of $72.72, the Jun 21 high. Last Wednesday's move higher resulted in a break of key resistance at $75.70, the Jun 5 high as well as the 200-dma. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun12 low. Gold added to recent gains into the Monday close, rallying to narrow the gap with first resistance at 1985.3, the May 24 high and key resistance. A break here could presage a stronger reversal higher. Strength follows the break of the 50-day EMA at 1948.3. The break signalled scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key support and the bear is at $1893.1, the Jun 29 low.

• WTI Crude up $0.17 or +0.22% at $75.56
• Natural Gas down $0 or -0.04% at $2.626
• Gold spot down $1.2 or -0.06% at $1979.08
• Copper down $1.65 or -0.43% at $380.45
• Silver up $0 or +0% at $25.072
• Platinum up $1.85 or +0.19% at $986.27