WTI Futures Extend Bull Cycle, Targeting $85.01 Nov 14 High Next

WTI futures remain in a bull cycle and the contract has traded higher Wednesday, clearing resistance at $81.81, the Apr 4 high. The break confirms a resumption of the current uptrend note that an important resistance at $83.04, the Jan 23 high, has also been breached. This opens $85.01, the Nov 14 high. On the downside, key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart. Trend conditions in Gold remain bullish and last week’s resumption of the uptrend reinforced current conditions - the yellow metal cleared former resistance at 2009.7, the Mar 20 high, to post fresh YTD highs. This signals scope for a climb towards $2034.0 next, a Fibonacci projection. On the downside, key support has been defined at $1934.3, the Mar 22 low - a break would highlight a potential reversal.

• WTI Crude down $0.06 or -0.07% at $83.2
• Natural Gas down $0.02 or -0.72% at $2.076
• Gold spot up $11.27 or +0.56% at $2025.89
• Copper up $0.55 or +0.13% at $408.55
• Silver up $0.1 or +0.39% at $25.6068
• Platinum up $3.38 or +0.33% at $1023.69