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Crude in Minor Positive Territory, But Gold Trend Remains Bearish


The outlook in Gold remains bearish, however, a short-term correction resulted in a recovery last week. The yellow metal has breached resistance at the 20-day EMA and attention turns to the 50-day EMA, at $1930.8. The uptrend in WTI futures remains intact and recent weakness is considered corrective. Last Wednesday’s move lower resulted in a print below support at $78.33, the Aug 3 low. A clear break of this level would highlight a stronger bear cycle.

  • WTI Crude up $0.4 or +0.5% at $80.26
  • Natural Gas up $0.06 or +2.52% at $2.605
  • Gold spot down $0.67 or -0.04% at $1913.92
  • Copper up $0.35 or +0.09% at $378.95
  • Silver down $0.07 or -0.27% at $24.144
  • Platinum down $1.08 or -0.11% at $946.87
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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