WTI Futures Pierce Support at $67.03 May 31 Low

WTI futures continue to trade below resistance at $75.06, the Jun 5 high. The pullback from this level reinforces a bearish theme and yesterday’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, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of resistance at $75.06 is required to signal a reversal. 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 $1960.2. A clear breach of this line would reinforce bearish conditions and 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 $0.52 or +0.77% at $67.62
• Natural Gas up $0.04 or +1.63% at $2.311
• Gold spot up $6.36 or +0.32% at $1963.33
• Copper up $5.6 or +1.49% at $381.55
• Silver up $0.16 or +0.66% at $24.2276
• Platinum down $1.14 or -0.11% at $998.83