May 21, 2024 09:19 GMT
COMMODITIES: M/T Trend Structure in Gold Remains Bullish
COMMODITIES
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The medium-term trend structure in Gold is unchanged and remains bullish. Yesterday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. Despite the latest move higher, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction.
- WTI Crude down $0.64 or -0.8% at $79.16
- Natural Gas up $0.01 or +0.4% at $2.763
- Gold spot down $6.35 or -0.26% at $2417.95
- Copper down $1.3 or -0.26% at $506.05
- Silver down $0.15 or -0.49% at $31.657
- Platinum down $12.29 or -1.17% at $1039.82
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