Gold Approaches 1765.9 Key Support Level After Thursday Sell-Off

Trend conditions in WTI futures remain bearish. However, the current bullish corrective cycle remains in play and the contract has traded higher this week. Price has also tested the 20-day EMA, at $77.50. A clear break of this hurdle would signal scope for an extension and open $80.82, the 50-day EMA. On the downside, a reversal lower would refocus attention of the bear trigger which lies at $70.08, the Dec 9 low. Trend conditions in Gold remain bullish despite Thursday’s sell-off. Pullbacks are considered corrective and key short-term support to watch is $1765.9, Dec 5 low. The yellow metal earlier this week breached $1810.0, Dec 5 high, to resume the uptrend. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, a Fibonacci retracement. On the downside, a break of $1765.9 would signal scope for a deeper pullback.

• WTI Crude down $1.09 or -1.43% at $75
• Natural Gas down $0.36 or -5.19% at $6.616
• Gold spot up $0.3 or +0.02% at $1777.19
• Copper up $1.4 or +0.37% at $377.4
• Silver down $0.48 or -2.09% at $22.6125
• Platinum down $13.29 or -1.32% at $996.44