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COMMODITIES: Bear Cycle in Gold Remains in Play

COMMODITIES
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WTI futures have pulled back from last Wednesday’s high of 80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $80.62, the May 29 high. A bear cycle in Gold remains in play for now, and the yellow metal has started this week on a bearish note. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.8, represents a key support. 

  • WTI Crude up $0.23 or +0.3% at $77.24
  • Natural Gas up $0.12 or +4.72% at $2.704
  • Gold spot down $1.54 or -0.07% at $2326.32
  • Copper up $1.5 or +0.33% at $462
  • Silver down $0.15 or -0.51% at $30.2735
  • Platinum down $6.53 or -0.63% at $1031.9
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WTI futures have pulled back from last Wednesday’s high of 80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $80.62, the May 29 high. A bear cycle in Gold remains in play for now, and the yellow metal has started this week on a bearish note. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.8, represents a key support. 

  • WTI Crude up $0.23 or +0.3% at $77.24
  • Natural Gas up $0.12 or +4.72% at $2.704
  • Gold spot down $1.54 or -0.07% at $2326.32
  • Copper up $1.5 or +0.33% at $462
  • Silver down $0.15 or -0.51% at $30.2735
  • Platinum down $6.53 or -0.63% at $1031.9