Gold Eyes $2070.40 Resistance Ahead of $2075.50 All-Time High

WTI futures remain in a bull cycle. This week’s gains resulted in a break of resistance at $81.81, the Apr 4 high. This confirms a resumption of the current uptrend and note that an important resistance at $83.04, the Jan 23 high, has also been breached. The focus is on $85.01, the Nov 14 high. On the downside, key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart. Trend conditions in Gold remain bullish and Thursday’s break of resistance at $2032.1, Apr 5 high, confirms a resumption of the current uptrend. The move higher maintains the positive price sequence of higher highs and higher lows and sights are set on the next key resistance at $2070.4, the Mar 8 2022 high. This is just ahead of the all-time high of $2075.5. Key short-term support has been defined at $1981.7, the Apr 10 low.

• WTI Crude down $0.22 or -0.27% at $81.95
• Natural Gas up $0 or +0.15% at $2.009
• Gold spot down $5.35 or -0.26% at $2037.8
• Copper up $1.55 or +0.38% at $414.05
• Silver up $0 or +0% at $25.863
• Platinum down $3.08 or -0.29% at $1051.13