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COMMODITIES: Bullish Structure in Gold Intact After Hitting Fresh Record High

COMMODITIES
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WTI futures are holding on to their latest gains. The move higher that started Sep 9, appears to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. Initial firm resistance to watch is at $70.97, the 20-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2600.0 next. Firm support lies at $2515.5, the 20-day EMA.

  • WTI Crude up $0.12 or +0.17% at $70.21
  • Natural Gas up $0.01 or +0.3% at $2.381
  • Gold spot down $3.94 or -0.15% at $2578.6
  • Copper up $1.3 or +0.3% at $428.7
  • Silver up $0.02 or +0.06% at $30.747
  • Platinum down $4.3 or -0.44% at $983.26
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WTI futures are holding on to their latest gains. The move higher that started Sep 9, appears to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. Initial firm resistance to watch is at $70.97, the 20-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2600.0 next. Firm support lies at $2515.5, the 20-day EMA.

  • WTI Crude up $0.12 or +0.17% at $70.21
  • Natural Gas up $0.01 or +0.3% at $2.381
  • Gold spot down $3.94 or -0.15% at $2578.6
  • Copper up $1.3 or +0.3% at $428.7
  • Silver up $0.02 or +0.06% at $30.747
  • Platinum down $4.3 or -0.44% at $983.26