Gold Continues to Trade Close to Recent Lows Despite Moderate Recovery
WTI futures have recovered from their recent lows and price continues to trade above key short-term support at $81.03, the 50-day EMA. The recent move lower highlights a corrective phase and a clear break of the 50-day average would signal scope for a deeper retracement towards $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. A break would resume the uptrend. Gold is in consolidation mode and trading closer to its recent lows. The precious metal has this week pierced the 20-day EMA and this highlights the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2229.4, the 50-day EMA. Note that a S/T bear cycle would allow a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.
- WTI Crude up $0.22 or +0.26% at $83.8
- Natural Gas down $0.06 or -3.54% at $1.58
- Gold spot up $15.27 or +0.65% at $2348.84
- Copper up $7.25 or +1.6% at $461
- Silver up $0.25 or +0.92% at $27.704
- Platinum down $0.39 or -0.04% at $918.23