he short-term rally from the March 2022 low encountered solid resistance around $2,000 and has been trading is a correction mode over the past week. The technical selling pressure came along aggressive monetary policy tightening expectations from the Federal Reserve and U.S. Dollar and bond yields at multi-year highs. The entire commodity sector was hard hit over the past few days on demand concerns, as Covid-19 cases in China, the world’s second largest economy are spreading rapidly, extending lockdowns to Beijing. Short-term traders should monitor key support of $1,890 as a break below it will signal an extension of the current pull back to $1,870. On the other hand, a rise above minor resistance of $1,907 would suggest a short-term rally to $1,920 is likely.