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COMMODITIES: Short-Term Bear Cycle in Gold Remains in Play

COMMODITIES

WTI futures have pulled back from Wednesday high of 80.62. The trend direction remains down and the latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high. A short-term bear cycle in Gold remains in play, for now. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing  an overbought condition to unwind. Moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2307.0, represents a key support. 

  • WTI Crude down $0.07 or -0.09% at $77.81
  • Natural Gas down $0.03 or -1.01% at $2.547
  • Gold spot up $0.01 or +0% at $2343.13
  • Copper down $1.35 or -0.29% at $464.65
  • Silver up $0.08 or +0.24% at $31.249
  • Platinum down $0.86 or -0.08% at $1028.78
     
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