WTI Futures Trade Close to This Week's Highs

WTI futures continue to appreciate and the contract is trading at this week’s highs. Despite recent gains, the outlook remains bearish and the contract is trading below resistance at $75.70, the Jun 5 high. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.70 would signal a reversal. The bear cycle in Gold remains intact and the yellow metal is trading closer to recent lows. Trendline support was breached last week - the line is drawn from the Nov 3 2022 low and intersects at $1975.7. The break reinforces a bearish condition and marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high and a reversal trigger.

• WTI Crude down $0.53 or -0.73% at $71.97
• Natural Gas up $0.02 or +0.85% at $2.62
• Gold spot down $5.19 or -0.27% at $1926.68
• Copper up $3.95 or +1.01% at $395.05
• Silver down $0.06 or -0.25% at $22.5632
• Platinum down $0.67 or -0.07% at $945.27