FRANCE AUCTION PREVIEW: On offer next week

• CHINA JAN-APR NEW LOANS CNY10.06 TRLN VS MEDIAN CNY10.47 TRLN
• CHINA END-APR M2 +8.0% Y/Y VS MEDIAN +7.2%; END-MAR +7.0% Y/Y
• CHINA END-APR M1 +1.5% Y/Y VS +1.6% Y/Y END-MAR
• CHINA END-APR M0 +12.0% Y/Y VS +11.5% Y/Y END-MAR
• CHINA JAN-APR TSF CNY16.34 TRLN VS MEDIAN CNY16.54 TRLN

A downtrend in WTI futures remains intact and S/T gains are considered corrective. For now, the corrective cycle remains in play and price has traded through the 20-day EMA. Key resistance to watch is $63.55, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal. This would open $66.41, the Apr 4 high. For bears a reversal lower would refocus attention on $54.67, the Apr 9 low and bear trigger. The latest pullback in Gold still appears corrective. Key short-term support to watch is $3202.0, the May 1 low. A clear break of this level would undermine the short-term bullish theme and signal scope for a deeper retracement. This would open $3164.3, 61.8% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA is at $3164.5 - a key support too. The M/T trend remains bullish, a reversal would refocus attention on $3500.1, the Apr 22 high and bull trigger.

• WTI Crude down $0.34 or -0.53% at $63.33
• Natural Gas down $0.06 or -1.65% at $3.587
• Gold spot down $16.52 or -0.51% at $3233.28
• Copper up $0.15 or +0.03% at $472.45
• Silver down $0.08 or -0.24% at $32.835
• Platinum up $8.23 or +0.83% at $1000.16