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Gold Continues Price Sequence of Higher Highs and Higher Lows Continues

COMMODITIES

WTI futures traded higher Monday but the contract has pulled back from its recent highs. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break of this level would signal a potential reversal. Trend conditions in Gold remain bullish and the yellow metal is higher again today. This confirms an extension of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, a Fibonacci retracement. Support to watch lies at $1890.0, the 20-day EMA. Short-term pullbacks are considered corrective.


  • WTI Crude up $0.29 or +0.36% at $80.48
  • Natural Gas down $0.22 or -7.01% at $2.852
  • Gold spot down $9.79 or -0.5% at $1936.23
  • Copper up $0.85 or +0.2% at $425.3
  • Silver down $0.27 or -1.14% at $23.6405
  • Platinum down $9.2 or -0.88% at $1032.53

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