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Gold Closes Below 50-dma

COMMODITIES
  • Oil markets traded either side of unchanged, however the session cemented the underlying bull trend for oil, with both WTI and Brent crude futures shrugging off the pressure of the firmer dollar.
  • WTI futures faced resistance earlier this week and the contract remains below recent highs. Attention is on the 20-day EMA that intersects at $80.58. Key resistance and the bull trigger has been defined at $85.41, Oct 25 high. A break would resume the uptrend.
  • Spot gold concluded a tough week by finishing south of the 50-dma at $1780.9, a development that clears the way for further losses toward next support at 1760.4 - the Oct 18 low as well as the more key level of 1746.0 marking the early October lows.
  • Precious metals traded under pressure throughout the Friday session as the greenback reversed recent losses to enjoy the best session in months. A close back above 94.00 for the USD index signals strength toward the recent mid-October highs of 94.561.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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