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Gold Erases March Gains, Trend Conditions Bearish

COMMODITIES

A sharp sell-off in WTI futures Tuesday has defined a key near-term resistance at $80.94, the Feb 7 high. A break above this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. On the downside, support to watch lies at $75.83, the Mar 3 low. A continuation lower and a breach of this level would strengthen a bearish case and open $73.80, the Feb 22 low. Trend conditions in Gold remain bearish and yesterday’s strong sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce and attention is on support and the bear trigger, at $1804.9. A break of this level would confirm a resumption of the downtrend and open $1787.3, a Fibonacci retracement. The yellow metal needs to breach $1858.3, the Mar 6 high, to signal scope for a stronger reversal.


  • WTI Crude down $0.36 or -0.46% at $77.27
  • Natural Gas down $0 or 0% at $2.687
  • Gold spot up $1.51 or +0.08% at $1814.71
  • Copper up $0.7 or +0.18% at $398.2
  • Silver down $0 or 0% at $20.0723
  • Platinum up $7.95 or +0.85% at $942.78
Energy BulletsCommodities
Energy BulletsCommodities

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