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Gains in Gold This Week Reinforce Bullish Conditions


A bearish theme in WTI futures remains in play and recent gains appear to be a correction. The break lower last week marked an extension of the downtrend that started late September and this has maintained a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $70.96, a Fibonacci retracement. Key resistance is unchanged at $79.65, Nov 14 high. The trend condition in Gold remains bullish and this week’s gains reinforce this condition. The latest recovery signals scope for a test of key short-term resistance at $2009.4, the Nov 7 high. Clearance of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a potential reversal.

  • WTI Crude down $0.97 or -1.26% at $75.99
  • Natural Gas down $0.01 or -0.31% at $2.89
  • Gold spot up $4.09 or +0.21% at $1994.17
  • Copper up $2.75 or +0.72% at $383.4
  • Silver up $0.06 or +0.26% at $23.685
  • Platinum down $1.58 or -0.17% at $924.31

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