COMMODITIES: Gold Trading Just Below All-Time Highs, Focus on $2690.20 Next
WTI futures have reversed a large part of its recent gains. This affirms the strength of resistance at the 50-day EMA of 71.91, which remains the key upside hurdle for bulls. This price action confirms the recovery since Sep 9 as a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger. Gold bulls remain in the driver’s seat and the yellow metal is trading just below its recent all-time high. Recent gains confirm a resumption of the primary uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2585.1, the 20-day EMA.
- WTI Crude up $0.45 or +0.66% at $68.81
- Natural Gas down $0.02 or -0.72% at $2.88
- Gold spot down $4.6 or -0.17% at $2655.77
- Copper up $2.45 or +0.53% at $461.7
- Silver down $0.06 or -0.19% at $31.5233
- Platinum down $11.75 or -1.17% at $993.41