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Gold Holds Close to Multi-Week Lows
WTI futures traded higher yesterday and this resulted in a test of the 50-day EMA, which intersects at $74.41. Short-term gains are considered corrective, however, a clear breach of the 50-day EMA would highlight a stronger bullish theme and expose $76.74, the Apr 28 high. Trend signals still highlight a bear market. Support to watch lies at $69.39, the May 15 low. A break would be bearish. The bear cycle in Gold remains intact and price is trading closer to its recent lows. The yellow metal last week cleared support at $1975.3, the 50-day EMA and $1969.3, the Apr 19 low. This highlights a stronger bearish threat and opens $1934.3, the Mar 22 low and $1931.4, trendline support drawn from Nov 3 2022. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $2022.6, the May 12 high.
- WTI Crude down $0.86 or -1.16% at $73.58
- Natural Gas down $0.03 or -1.08% at $2.373
- Gold spot up $5.34 or +0.27% at $1963.46
- Copper up $2.2 or +0.62% at $358.35
- Silver up $0.05 or +0.23% at $23.1306
- Platinum up $0.68 or +0.07% at $1029.13
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