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COMMODITIES: Gold Remains in Consolidation Mode Close to Recent Highs

COMMODITIES

WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA. Gold is in consolidation mode and remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2448.3, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude down $0.55 or -0.8% at $68.21
  • Natural Gas down $0.02 or -0.69% at $2.155
  • Gold spot down $3.72 or -0.15% at $2501.73
  • Copper down $2.15 or -0.52% at $412.45
  • Silver up $0.01 or +0.03% at $28.3455
  • Platinum up $0.75 or +0.08% at $943.32
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