Bullish Theme in Gold Continues to Be Strengthened

WTI futures traded higher yesterday and the contract remains firm. The latest recovery has highlighted a key support at $81.50, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $95.03, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $81.50, would instead highlight potential for a stronger bear cycle. Gold traded higher Wednesday, extending the reversal from $1810.5, the Oct 6 low. The yellow metal has pierced key resistance at $1953.0, the Sep 1 high. A clear break of this level would further strengthen a bullish theme and open $1987.5, the Jul 20 high. Note that moving average studies still highlight a broader bear trend condition, however, prices would need to trade below last Friday's low of $1868.8 to signal a reversal.

• WTI Crude down $1.41 or -1.6% at $87.35
• Natural Gas down $0.02 or -0.62% at $3.041
• Gold spot up $2.26 or +0.12% at $1948.64
• Copper up $0.25 or +0.07% at $359.5
• Silver up $0.06 or +0.26% at $22.9292
• Platinum down $8 or -0.9% at $885.84