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Gold Breaks 50-Day EMA Support, Trend Conditions Bearish For Now

COMMODITIES

WTI futures showed above the Friday high ahead of the Monday close, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle. Prices have faded slightly since, however the medium-term view remains unchanged. Key resistance remains at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $76.52, the Feb 9 low. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 as well as the break of support at the 50-day EMA early Wednesday. A clear break here would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.


  • WTI Crude down $1.43 or -1.81% at $77.79
  • Natural Gas down $0.01 or -0.43% at $2.568
  • Gold spot down $17.91 or -0.97% at $1837.03
  • Copper down $6.35 or -1.56% at $402.65
  • Silver down $0.32 or -1.48% at $21.5258
  • Platinum down $7.7 or -0.82% at $927.4
Energy BulletsCommodities
Energy BulletsCommodities

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