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Fresh Record Highs in Gold Reinforce Strong Bullish Conditions

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The WTI futures trend condition remains bullish and last week’s break of key resistance at $79.09, the Jan 29 high, reinforces this theme. The clear breach of this hurdle highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.24, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective. Gold remains firm on the back of the latest rally. The yellow metal yesterday traded above resistance at $2135.4, the Dec 4 high to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for a climb towards $2177.6 next, a Fibonacci projection. Short-term conditions are overbought, however, this does not appear to be a concern for bulls - for now. Initial support lies at $2088.5, the Dec 28 high.


  • WTI Crude up $0.77 or +0.99% at $78.87
  • Natural Gas down $0.01 or -0.66% at $1.944
  • Gold spot down $1.63 or -0.08% at $2126.56
  • Copper up $1.7 or +0.44% at $386.4
  • Silver up $0.06 or +0.24% at $23.7365
  • Platinum up $4.95 or +0.56% at $888.97

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