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Fades Off Resistance


Bullish Theme, Despite Week’s Weakness

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Gold at Monthly High After 2.5% Rally Tuesday, Targets Oct 4 Bull Trigger


The latest pullback in WTI futures is considered corrective - for now. The outlook is bullish and the contract has recently pierced resistance at $92.34, the Oct 12 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards resistance at $95.55. Moving average studies are beginning to display a bull mode set-up, reinforcing the current positive outlook. Support to watch, lies at $85.30, the Oct 31 low. Gold found support Tuesday and rallied sharply higher. This confirms an extension of the rally from $1616.7, the Nov 3 low. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger. A break of this hurdle would strengthen bullish conditions. On the downside, support is at $1662.8, the 20-day EMA.

  • WTI Crude down $0.61 or -0.69% at $88.26
  • Natural Gas up $0.04 or +0.6% at $6.178
  • Gold spot up $2.18 or +0.13% at $1714.11
  • Copper down $1.7 or -0.46% at $366.5
  • Silver up $0.19 or +0.88% at $21.5422
  • Platinum up $8.79 or +0.88% at $1009.13

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