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Bearish Theme in Gold Reverses Further

COMMODITIES

The stronger start to the week for WTI futures faded through the Wednesday close, although dips were put across the Thursday session. Recent bearish price action resulted in a break of support at $88.19, the Sep 26 low. The contract has also cleared support at the 50-day EMA, at $84.46. This signals scope for a deeper retracement towards the $80.00 handle and $79.57, a Fibonacci retracement point. Initial firm resistance is at $86.52, the 20-day EMA. A break would signal a possible reversal. The previously bearish theme in Gold reversed further Thursday, putting prices at the highest level since late September and printing five consecutive sessions of higher highs. The 50-day EMA sits above as key resistance at 1897.0, a break above would add to the evidence of a bullish reversal. To the downside, the focus is on $1804.9, the Feb 28 low and a key support.


  • WTI Crude up $2.27 or +2.74% at $85.12
  • Natural Gas down $0.05 or -1.53% at $3.289
  • Gold spot up $15.44 or +0.83% at $1884.24
  • Copper up $1.9 or +0.53% at $360.8
  • Silver up $0.3 or +1.39% at $22.1311
  • Platinum up $2.25 or +0.26% at $873.49
Energy BulletsCommodities
Energy BulletsCommodities

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