WTI Futures Pullback Follows Failure to Overcome 50-Day EMA

WTI futures traded lower Thursday and the pullback means that - for now - the contract has failed to overcome resistance at the 50-day EMA, which intersects at $74.31. Recent short-term gains are considered corrective, however, a clear breach of the 50-day EMA would highlight a stronger bullish theme and expose $76.74, the Apr 28 high. Support to watch lies at $69.39, the May 15 low. A break would be bearish. The bear cycle in Gold remains intact as the yellow metal extends the downtrend that started on Apr 26. This week’s break lower paves the way for a move towards $1933.6, trendline support drawn from Nov 3 2022. A clear break of the trendline would reinforce bearish conditions and open $1903.5, a Fibonacci retracement. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $1985.3, the May 24 high.

• WTI Crude up $0.03 or +0.04% at $71.89
• Natural Gas down $0.01 or -0.56% at $2.298
• Gold spot up $11.09 or +0.57% at $1955.94
• Copper up $6.25 or +1.74% at $363.95
• Silver up $0.38 or +1.66% at $23.1043
• Platinum up $4.85 or +0.47% at $1034.1