May 23, 2024 08:20 GMT
Gold Fades Off Recent High
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Gold has pulled back from its recent high. The medium-term trend structure remains bullish and short-term weakness is considered corrective. Monday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. WTI futures have pulled back from their most recent highs. A bearish theme remains intact. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction.
- WTI Crude down $0.07 or -0.09% at $77.5
- Natural Gas down $0.05 or -1.72% at $2.793
- Gold spot down $23.08 or -0.97% at $2355.8
- Copper down $7.85 or -1.62% at $477.15
- Silver down $0.48 or -1.56% at $30.3085
- Platinum down $11.34 or -1.09% at $1028.61
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