COMMODITIES: WTI Futures Back Below 50-Day EMA Support

The trend condition in WTI futures is unchanged, it remains bullish and recent weakness appears corrective. A key area of support to watch is $90.59, the 50-day EMA. The contract has traded through it, a clear breach is required to highlight a top and the start of a stronger correction. This would open $77.22, the Apr 17 low. For bulls, key resistance has been defined at $105.21, the May 18 high. Clearance of this hurdle would resume the primary uptrend. A bear theme in Gold remains intact - moving average studies are in a bearish mode position, and this continues to highlight a dominant downtrend. A sharp sell-off on Friday reinforces this condition and signals scope for an extension towards the next key support at $4099.2, the Mar 23 low. A clear break of this level would highlight an important medium-term bearish development. Initial resistance is seen at $4501.0, the 20-day EMA.

• WTI Crude down $2.05 or -2.25% at $89.27
• Natural Gas up $0.04 or +1.11% at $3.182
• Gold spot down $1.54 or -0.04% at $4328.59
• Copper up $6.85 or +1.08% at $641.75
• Silver up $0.26 or +0.39% at $68.4419
• Platinum up $4.57 or +0.26% at $1763.35