Gold Drops to Week-Low After Hawkish Fed Statement

Trend conditions in WTI futures remain bearish. However, the current bullish corrective cycle remains in play and the contract traded higher yesterday. Price is testing the 20-day EMA, at $77.50. A clear break of this hurdle would signal scope for an extension and open $81.01, the 50-day EMA. On the downside, a reversal lower would refocus attention of the bear trigger which lies at $70.08, the Dec 9 low. Trend conditions in Gold remain bullish and Tuesday’s gains have reinforced this condition. The yellow metal traded through resistance at 1810.0 on Tuesday, the Dec 5 high, to confirm a resumption of the uptrend. This maintains the current bullish price sequence of higher highs and higher lows and signals scope for a climb towards $1842.7, a Fibonacci retracement. On the downside, support to watch lies at $1765.9, the Dec 5 low.

• WTI Crude down $0.58 or -0.75% at $76.7
• Natural Gas up $0.07 or +1.06% at $6.498
• Gold spot down $28.94 or -1.6% at $1778.1
• Copper down $7.35 or -1.9% at $380.35
• Silver down $0.85 or -3.54% at $23.0992
• Platinum down $22.31 or -2.16% at $1009.89