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Gold Extends Losses, Drifting Lower to $1800 Handle

COMMODITIES

WTI futures drifted lower into the Wednesday close, returning the outlook to neutral for now. Prices now sit back below the 50-day EMA, at $78.34, however the medium-term view remains unchanged. Key resistance remains at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $72.25, the Feb 6 low for the continuation contract. Trend conditions in Gold are bearish for now, with prices extending losses ahead of the Thursday close. This marks an extension of the pullback after the strong sell-off on Feb 2 / 3 as well as the break of support at the 50-day EMA. The clear break strengthens the bearish case and suggests scope for a deeper pullback. Vol band support (the 2.0% 10-dma envelope), successfully contained prices so far, keeping the focus on the level this week.


  • WTI Crude up $0.62 or +0.82% at $76.01
  • Natural Gas up $0.04 or +1.6% at $2.351
  • Gold spot up $0.78 or +0.04% at $1823.07
  • Copper down $2.2 or -0.54% at $403.4
  • Silver down $0.06 or -0.27% at $21.252
  • Platinum down $8.03 or -0.84% at $943.15
Energy BulletsCommodities
Energy BulletsCommodities

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