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Clear Break of 1807.9 Aug 10 High to Affirm Bullish Gold Trend

COMMODITIES

Trend conditions in WTI futures remain bearish and last week’s gains are considered corrective. The move lower on Nov 28 resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend, opening $73.38, a Fibonacci projection and the $70.00 psychological handle. MA studies are in a bear mode condition, highlighting the current trend direction. Resistance is at $83.66, the 50-day EMA. Short-term trend conditions in Gold remain bullish and last week’s gains reinforce this condition. Last Thursday’s rally resulted in a break of $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, the Aug 10 high (pierced earlier today). A clear break would be bullish. On the downside, key trend support has been defined at $1729.0, the Nov 23 low.


  • WTI Crude up $1.38 or +1.73% at $81.08
  • Natural Gas down $0.29 or -4.57% at $6.016
  • Gold spot down $1 or -0.06% at $1797.6
  • Copper up $0.25 or +0.06% at $387.25
  • Silver down $0.09 or -0.37% at $23.0127
  • Platinum up $2.94 or +0.29% at $1021.8
Energy BulletsCommodities
Energy BulletsCommodities

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