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Gold Holds Close to Weekly Low, Remains in Corrective Cycle

COMMODITIES

WTI futures sold off sharply Monday before retracing its losses. A bearish theme remains in place following recent weakness and an extension of the reversal from $92.53, Nov 7 high. Support at $80.49, Oct 18 low and a bear trigger, was cleared last Friday. $79.11, 76.4% of the Sep 28 - Nov 7 bull phase has also been cleared. Attention is on $74.96, the Sep 28 low and the next key support. Initial firm resistance is seen at $85.21, the 50-day EMA. Short-term trend conditions in Gold remain bullish, however for now, the yellow metal remains in a corrective cycle. Initial firm support is seen at $1702.3, the Nov 9 low. Recent gains resulted in the break of $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, Aug 10 high. The bull trigger is at $1786.5, the Nov 15 high.


  • WTI Crude up $0.63 or +0.78% at $81.89
  • Natural Gas up $0.48 or +7.08% at $7.281
  • Gold spot down $2.59 or -0.15% at $1739.87
  • Copper up $1.25 or +0.35% at $362.85
  • Silver up $0.06 or +0.3% at $21.1606
  • Platinum up $2.75 or +0.28% at $999.24
Energy BulletsCommodities
Energy BulletsCommodities

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