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WTI Futures Hold Bearish Pattern Pre-OPEC

COMMODITIES

The bear cycle in Gold remains intact and short-term gains are - for now - considered corrective. The yellow metal has this week pierced trendline support drawn from Nov 3 2022. A clear breach of this trendline, at $1944.7, would reinforce bearish conditions and open $1903.5. WTI futures remain in a bear mode position. The strong sell-off this week has resulted in a break of support at $69.39, the May 15 low. The clear breach strengthens bearish conditions and paves the way for weakness towards $63.90, the May 4 low.

  • WTI Crude up $0.61 or +0.87% at $70.74
  • Natural Gas up $0.02 or +0.93% at $2.176
  • Gold spot up $1.12 or +0.06% at $1978.63
  • Copper up $5.1 or +1.37% at $376.05
  • Silver up $0.08 or +0.35% at $23.9382
  • Platinum up $7.53 or +0.75% at $1017.16
Energy BulletsCommodities
Energy BulletsCommodities

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