COMMODITIES: Gold Trades at Lowest Since March; Bear Cycle Intact

WTI futures continue to trade below resistance at $75.06, Jun 5 high, and the outlook remains bearish The pullback from this level reinforces a bearish theme. Support at $67.03, May 31 low, has been pierced, a clear break would open $63.90, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.06 is required to signal a reversal. Short-term gains are considered corrective. The bear cycle in Gold remains intact. The yellow metal is trading below trendline support drawn from the Nov 3 2022 low - the trendline intersects at $1964.6. The break of this line reinforces bearish conditions 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. Clearance of this resistance would signal a short-term reversal instead.

• WTI Crude up $0.09 or +0.13% at $68.38
• Natural Gas up $0.01 or +0.38% at $2.351
• Gold spot down $10.86 or -0.56% at $1931.79
• Copper down $2.6 or -0.67% at $385.05
• Silver down $0.6 or -2.49% at $23.3346
• Platinum down $14.41 or -1.47% at $966.78