FRANCE AUCTION PREVIEW: On offer next week

A primary bull cycle in WTI futures remains intact and the latest pullback appears corrective - for now. Key resistance at $103.78, the Apr 30 high, has recently been pierced. A clear break of this hurdle would confirm a resumption of the uptrend and open 106.42 next, a Fibonacci projection. Key support to watch is $90.23, the 50-day EMA. A clear breach of this average is required to highlight a top and the start of a stronger correction. A bearish theme in Gold remains intact - MA studies are in a bear-mode position, highlighting a dominant downtrend. Price has breached support at $4501.1, the May 4 low. The break signals a resumption of bearish activity and suggests scope for a move towards $4306.4, the Mar 24 low. The key support lies at $4099.2, the Mar 23 low. For bulls, a reversal higher would instead resume the correction that started on Mar 23 and open $5000.0.                              

• WTI Crude down $3.99 or -4.25% at $89.93
• Natural Gas down $0.03 or -1.17% at $2.86
• Gold spot down $16.15 or -0.36% at $4492.11
• Copper down $0.45 or -0.07% at $639.25
• Silver down $1.59 or -2.06% at $75.3405
• Platinum down $31.25 or -1.59% at $1933.1