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COMMODITIES: Gold Narrows Gap to Bull Trigger at $2483.7

COMMODITIES

A bear threat in WTI futures remains present and Wednesday’s strong bounce is considered corrective - for now. The recent breach of both the 20- and 50-day EMAs, reinforces a bear theme. A continuation lower would open $72.23, the Jun 4 low and the next key support. For bulls, a reversal higher would instead refocus attention on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high. Gold has traded higher this week. The recent move down appears to have been a correction. The yellow metal did manage to pierce support at the 50-day EMA - at $2370.3. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, this week’s gains are constructive. Sights are on $2483.7, the Jul 17 high, and a bull trigger. Clearance of this hurdle resumes the uptrend.

  • WTI Crude up $0.5 or +0.66% at $76.81
  • Natural Gas up $0.02 or +0.76% at $1.983
  • Gold spot up $16.14 or +0.66% at $2462.59
  • Copper up $2.55 or +0.62% at $410.9
  • Silver up $0.37 or +1.28% at $28.891
  • Platinum up $10.22 or +1.06% at $974.02
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