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COMMODITIES: Gold Continues to Hover Close to Record Highs

COMMODITIES

WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Gold is trading higher this week and the recent short-term retracement appears to have been a correction. The trend condition is unchanged and remains bullish. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend. Sights are on $2690.2, a Fibonacci projection. Firm support lies at $2631.1, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude up $0.19 or +0.27% at $70.55
  • Natural Gas down $0.01 or -0.46% at $2.357
  • Gold spot up $8.39 or +0.31% at $2681.93
  • Copper down $6.65 or -1.52% at $430.05
  • Silver down $0.07 or -0.22% at $31.6117
  • Platinum up $1.03 or +0.1% at $999.51
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WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Gold is trading higher this week and the recent short-term retracement appears to have been a correction. The trend condition is unchanged and remains bullish. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend. Sights are on $2690.2, a Fibonacci projection. Firm support lies at $2631.1, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude up $0.19 or +0.27% at $70.55
  • Natural Gas down $0.01 or -0.46% at $2.357
  • Gold spot up $8.39 or +0.31% at $2681.93
  • Copper down $6.65 or -1.52% at $430.05
  • Silver down $0.07 or -0.22% at $31.6117
  • Platinum up $1.03 or +0.1% at $999.51