Break of 50-Day EMA Strengthens Bearish Threat in Gold

Trend signals in WTI futures remain bearish and the latest recovery still appears to be a correction - for now. The contract has traded through the 50-day EMA at $74.28. This opens $76.31, the Dec 26 high and a near-term bull trigger. A break of this hurdle would undermine the bearish theme. Moving average studies continue to highlight a downtrend. The trigger for a resumption of the downtrend is $68.28, Dec 13 low. Gold remains above the Jan 17 low of $2001.9 - for now. The recent print below the 50-day EMA and the break of support at $2013.4, the Jan 11 low, has strengthened a bearish threat and a resumption of weakness would open a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.

• WTI Crude up $0.98 or +1.31% at $76.24
• Natural Gas up $0.18 or +6.89% at $2.834
• Gold spot up $3.06 or +0.15% at $2014.88
• Copper up $0.4 or +0.1% at $387.45
• Silver up $0.16 or +0.69% at $22.7865
• Platinum down $2.24 or -0.25% at $900.94