WTI Futures Hold Onto Tuesday Gains

WTI futures continue to trade below resistance at $75.06, Jun 5 high. The pullback from this level reinforces a bearish theme and Monday’s sell-off marked an extension of the latest move lower. Support at $67.03, May 31 low, has been pierced, a clear break would open $63.90, May 4 low. MA studies are in a bear mode position highlighting a downtrend. A break of $75.06 is required to signal a reversal. S/T gains are considered corrective. The bear cycle in Gold remains intact. The yellow metal continues to challenge trendline support drawn from the Nov 3 2022 low. The trendline intersects at $1962.6. A clear breach of this line would reinforce bearish conditions and resume the downtrend. This would open $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 up $0.77 or +1.11% at $69.94
• Natural Gas down $0.01 or -0.26% at $2.336
• Gold spot up $6.26 or +0.32% at $1951.09
• Copper down $1.35 or -0.35% at $381.35
• Silver up $0.25 or +1.04% at $23.9006
• Platinum down $0.88 or -0.09% at $983.99