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COMMODITIES: Gold Trades Just Ahead of Recent Lows

COMMODITIES
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WTI futures are trading inside a range. A bearish theme remains intact and the sideways move is seen as a pause in the downtrend. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial resistance to watch is at $80.11, the May 20 high. Gold traded down last week and the yellow metal is trading just ahead of its recent low. The trend structure remains bullish and the move down appears to be a correction Moving average studies are in a bull-mode position and the move lower is allowing an overbought condition to unwind. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2301.9, represents a key support. A clear break of it would be bearish. 

  • WTI Crude up $1.06  or +1.36% at $78.81
  • Natural Gas down $0.01 or -0.28% at $2.513
  • Gold spot down $6.93 or -0.29% at $2343.96
  • Copper up $4.35 or +0.92% at $479.8
  • Silver down $0.17 or -0.53% at $31.474
  • Platinum down $8 or -0.76% at $1047.81

     
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WTI futures are trading inside a range. A bearish theme remains intact and the sideways move is seen as a pause in the downtrend. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial resistance to watch is at $80.11, the May 20 high. Gold traded down last week and the yellow metal is trading just ahead of its recent low. The trend structure remains bullish and the move down appears to be a correction Moving average studies are in a bull-mode position and the move lower is allowing an overbought condition to unwind. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2301.9, represents a key support. A clear break of it would be bearish. 

  • WTI Crude up $1.06  or +1.36% at $78.81
  • Natural Gas down $0.01 or -0.28% at $2.513
  • Gold spot down $6.93 or -0.29% at $2343.96
  • Copper up $4.35 or +0.92% at $479.8
  • Silver down $0.17 or -0.53% at $31.474
  • Platinum down $8 or -0.76% at $1047.81