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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
Bearish Gold Remains in Corrective Cycle
A sharp sell-off on Friday in WTI futures reinforced bearish conditions. The move lower Monday resulted in a print below $72.74, Jan 5 low and a key support. A clear break of it would strengthen the bearish theme and expose $70.56, Dec 9 low and a bear trigger. Moving average studies are in a bear-mode position highlighting current market sentiment. Gains are considered corrective. Initial firm resistance is at $78.56, the 50-day EMA. Trend conditions in Gold are bearish for now, as the yellow metal enters a corrective cycle. This follows the strong sell-off on Thursday and Friday last week and sights are on the 50-day EMA, at $1853.7. This average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, has been defined at $1959.7, the Feb 2 high.
- WTI Crude up $1.48 or +2% at $75.67
- Natural Gas up $0.01 or +0.24% at $2.461
- Gold spot up $9.34 or +0.5% at $1877.56
- Copper up $1.85 or +0.46% at $405.2
- Silver up $0.12 or +0.52% at $22.4038
- Platinum up $1.42 or +0.15% at $977.24
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