COMMODITIES: Trend Condition in WTI Futures Still Bullish Despite Pullback

The trend structure in WTI futures remains bullish despite the recent pullback. The move down is allowing an overbought trend reading to unwind. Support to watch is the 20-day EMA, at $74.24. It has been pierced, a clear break would signal scope for a deeper retracement and expose the 50-day EMA, at $72.01. A reversal higher would highlight the end of the correction and refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. Gold continues to trade higher this week. The yellow metal has breached resistance at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2790.1, the Oct 31 all-time high. On the downside, the first key support to watch is $2664.6, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

• WTI Crude up $0.21 or +0.28% at $74.84
• Natural Gas down $0.09 or -2.38% at $3.847
• Gold spot up $17.8 or +0.65% at $2772.79
• Copper up $4.85 or +1.12% at $437.9
• Silver up $0.38 or +1.26% at $30.8315
• Platinum up $5.77 or +0.61% at $952.19