WTI Futures Hold Onto Recent Gains; Recovery Considered Technically Corrective

WTI futures are holding on to recent gains. The latest recovery is considered corrective and the move higher has allowed a recent oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would confirm a resumption of the broader downtrend. Gold remains in an uptrend. The yellow metal has recently breached resistance at $2048.7, the Apr 13 high to confirm a resumption of the broader bull cycle. This maintains the bullish price sequence of higher highs and higher lows and moving average studies are in a bull-mode set-up. The focus is on $2070.4, the Mar 8 2022 high ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.

• WTI Crude up $0.79 or +1.09% at $73.36
• Natural Gas down $0.01 or -0.37% at $2.181
• Gold spot down $6.09 or -0.3% at $2023.49
• Copper down $6.1 or -1.59% at $377.9
• Silver down $0.47 or -1.85% at $24.9243
• Platinum down $17.96 or -1.61% at $1101.07