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COMMODITIES: Gold Trades Close to Friday Highs, Targets Resistance at $2528

COMMODITIES

WTI futures rallied sharply higher on Aug 12 . The move undermines a recent bearish theme and price traded through both the 20- and 50-day EMAs. A resumption of gains would signal scope for a climb towards $80.77, a Fibonacci retracement. Clearance of this level would open $83.58, the Jul 5 high. On the downside, the contract has pulled back from its recent high. A stronger sell-off would refocus attention on key support at $71.67, Aug 5 low. Gold is holding on to its latest gains. Friday’s rally delivered a fresh all-time high and the breach of resistance at $2483.7, the Jul 17 high, confirmed a resumption of the primary uptrend. Note that moving average studies remain in a bull-mode set-up and this continues to highlight a dominant uptrend. The focus is on a climb towards $2528.4, a Fibonacci projection. Initial support to watch lies at $2432.6, the 20-day EMA.

  • WTI Crude down $0.52 or -0.68% at $76.12
  • Natural Gas down $0 or -0.14% at $2.117
  • Gold spot down $5.3 or -0.21% at $2503.3
  • Copper up $2.7 or +0.65% at $420.9
  • Silver down $0.05 or -0.18% at $28.941
  • Platinum down $6.35 or -0.66% at $951.01
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