Bullish Gold Targets Resistance at $2003.4 Next

WTI futures traded higher last week and the contract remains in bull-mode condition. The latest recovery has highlighted a key support at $80.20, the Oct 6 low. The medium-term trend condition is bullish and an extension higher would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, would instead highlight a short-term top. Gold traded higher last week, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, a Fibonacci retracement point. Initial firm pivot support lies at $1907.7, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

• WTI Crude down $0.21 or -0.24% at $87.67
• Natural Gas up $0.01 or +0.38% at $2.91
• Gold spot up $0.66 or +0.03% at $1981.65
• Copper down $1.55 or -0.44% at $354.85
• Silver down $0.1 or -0.42% at $23.2725
• Platinum down $3.88 or -0.43% at $896.15