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COMMODITIES: Thursday's Gains Reinforce Bullish Structure in Gold

COMMODITIES

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA. A bullish structure in Gold remains intact and yesterday’s gains have reinforced this theme - the metal traded to a new all-time high. This ends the recent consolidation - a pause in the uptrend - and maintains the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2584.0, a Fibonacci projection. Firm support lies at $2501.2, the 20-day EMA.

  • WTI Crude up $0.37 or +0.54% at $69.37
  • Natural Gas up $0.02 or +0.93% at $2.379
  • Gold spot up $11.43 or +0.45% at $2569.12
  • Copper up $0.75 or +0.18% at $420.4
  • Silver up $0.25 or +0.82% at $30.1195
  • Platinum up $5.77 or +0.59% at $987.8
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WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA. A bullish structure in Gold remains intact and yesterday’s gains have reinforced this theme - the metal traded to a new all-time high. This ends the recent consolidation - a pause in the uptrend - and maintains the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2584.0, a Fibonacci projection. Firm support lies at $2501.2, the 20-day EMA.

  • WTI Crude up $0.37 or +0.54% at $69.37
  • Natural Gas up $0.02 or +0.93% at $2.379
  • Gold spot up $11.43 or +0.45% at $2569.12
  • Copper up $0.75 or +0.18% at $420.4
  • Silver up $0.25 or +0.82% at $30.1195
  • Platinum up $5.77 or +0.59% at $987.8