May 24, 2024 08:46 GMT
COMMODITIES: WTI Trades Below 50-day EMA
COMMODITIES
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Gold traded lower yesterday, extending the pullback from its recent high. The trend structure remains bullish and the move lower appears to be a correction - for now. Moving average studies are in a bull-mode position and the move lower is allowing an overbought condition to unwind. WTI futures have pulled back from their most recent highs. A bearish theme remains intact. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction.
- WTI Crude down $0.21 or -0.27% at $76.65
- Natural Gas up $0.05 or +1.77% at $2.704
- Gold spot up $11.24 or +0.48% at $2340.58
- Copper down $1.5 or -0.31% at $477.75
- Silver up $0.36 or +1.2% at $30.4966
- Platinum up $1.06 or +0.1% at $1020.83
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