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Breach of 20-Day EMA in Gold Signals Start of Bearish Corrective Cycle

COMMODITIES

Last week’s move lower in WTI futures highlights the start of a short-term bearish corrective cycle. The contract has traded through the 20-day EMA and this has exposed key short-term support at the 50-day EMA, at $80.75. A clear break of the average would signal a stronger bearish theme and open $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. Gold traded lower yesterday and is softer again today. The precious metal has breached the 20-day EMA and this signals the start of a corrective cycle. A continuation would signal scope for an extension towards $2217.4, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought trend condition to unwind. Key resistance and the bull trigger has been defined at $2431.5, the recent Apr 12 high.


  • WTI Crude up $0.78 or +0.95% at $82.66
  • Natural Gas down $0 or -0.17% at $1.788
  • Gold spot down $23.5 or -1.01% at $2303.94
  • Copper down $7.55 or -1.68% at $443.25
  • Silver down $0.37 or -1.35% at $26.8474
  • Platinum down $10.21 or -1.11% at $912.98
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