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COMMODITIES: Gold Holding Onto Bulk of Recent Gains, Bullish Structure Intact

COMMODITIES
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WTI futures are holding on to their latest gains. The move higher since Sep 9, appears - for now - 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. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, Monday. 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 $2520.6, the 20-day EMA.

  • WTI Crude down $0.87 or -1.22% at $70.38
  • Natural Gas down $0 or -0.17% at $2.322
  • Gold spot down $0.02 or 0% at $2568.66
  • Copper up $2.4 or +0.56% at $429.8
  • Silver down $0.09 or -0.3% at $30.5995
  • Platinum down $4.74 or -0.48% at $982.96
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WTI futures are holding on to their latest gains. The move higher since Sep 9, appears - for now - 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. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA. A bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, Monday. 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 $2520.6, the 20-day EMA.

  • WTI Crude down $0.87 or -1.22% at $70.38
  • Natural Gas down $0 or -0.17% at $2.322
  • Gold spot down $0.02 or 0% at $2568.66
  • Copper up $2.4 or +0.56% at $429.8
  • Silver down $0.09 or -0.3% at $30.5995
  • Platinum down $4.74 or -0.48% at $982.96