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COMMODITIES: Bullish Structure in Gold Intact, Hits Fresh Record High

COMMODITIES
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WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.28, has been pierced. The next key resistance to watch is $72.38, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a Fibonacci projection. Firm support lies at $2547.5, the 20-day EMA.

  • WTI Crude up $1.34 or +1.9% at $71.64
  • Natural Gas up $0.03 or +1.26% at $2.648
  • Gold spot down $0.25 or -0.01% at $2628.78
  • Copper up $10.1 or +2.32% at $444.8
  • Silver up $0.2 or +0.66% at $30.907
  • Platinum up $9.21 or +0.96% at $969.72
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WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.28, has been pierced. The next key resistance to watch is $72.38, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger. A bullish structure in Gold remains intact and the metal has traded, once again, to a fresh all-time high. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2642.7 next, a Fibonacci projection. Firm support lies at $2547.5, the 20-day EMA.

  • WTI Crude up $1.34 or +1.9% at $71.64
  • Natural Gas up $0.03 or +1.26% at $2.648
  • Gold spot down $0.25 or -0.01% at $2628.78
  • Copper up $10.1 or +2.32% at $444.8
  • Silver up $0.2 or +0.66% at $30.907
  • Platinum up $9.21 or +0.96% at $969.72