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COMMODITIES: Gold Extends Recovery From Last Week's Lows

COMMODITIES
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WTI futures traded remain in a bull cycle and short-term weakness is - for now - considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $72.33, the 20-day EMA. The recent short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2620.2, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $1.05 or -1.39% at $74.46
  • Natural Gas down $0.05 or -1.79% at $2.585
  • Gold spot up $2.98 or +0.11% at $2659.02
  • Copper down $4.15 or -0.92% at $445.1
  • Silver down $0.08 or -0.25% at $31.4549
  • Platinum down $1.09 or -0.11% at $985.74
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WTI futures traded remain in a bull cycle and short-term weakness is - for now - considered corrective. Recent gains suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $72.33, the 20-day EMA. The recent short-term retracement in Gold is considered corrective. The trend condition is unchanged and bulls remain in the driver’s seat. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2620.2, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $1.05 or -1.39% at $74.46
  • Natural Gas down $0.05 or -1.79% at $2.585
  • Gold spot up $2.98 or +0.11% at $2659.02
  • Copper down $4.15 or -0.92% at $445.1
  • Silver down $0.08 or -0.25% at $31.4549
  • Platinum down $1.09 or -0.11% at $985.74