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COMMODITIES: Gold Breaks Through 20- and 50-Day EMAs

COMMODITIES
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WTI futures are unchanged. A bearish theme remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2651.2, has been breached. This  highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2710.4, the Nov 11 high. Key short-term support lies at $2536.9, Nov 14 high.

  • WTI Crude up $0.94 or +1.37% at $69.7
  • Natural Gas up $0.17 or +5.2% at $3.358
  • Gold spot up $18.16 or +0.69% at $2668.77
  • Copper down $3.3 or -0.79% at $415.65
  • Silver up $0.28 or +0.92% at $31.1385
  • Platinum down $1.71 or -0.18% at $960.6
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WTI futures are unchanged. A bearish theme remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down appears to have been a correction. Price has recovered from its recent lows and the metal is again trading higher, today. The 20-day EMA at $2651.2, has been breached. This  highlights a stronger reversal and signals the end of the recent bearish corrective cycle, opening $2710.4, the Nov 11 high. Key short-term support lies at $2536.9, Nov 14 high.

  • WTI Crude up $0.94 or +1.37% at $69.7
  • Natural Gas up $0.17 or +5.2% at $3.358
  • Gold spot up $18.16 or +0.69% at $2668.77
  • Copper down $3.3 or -0.79% at $415.65
  • Silver up $0.28 or +0.92% at $31.1385
  • Platinum down $1.71 or -0.18% at $960.6