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COMMODITIES: Gold Moving Average Studies Highlight Clear Dominant Uptrend

COMMODITIES
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Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. It has been pierced, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play. This week’s appreciation once again, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2711.0, the 50-day EMA. The 20-day EMA is at $2767.4.

  • WTI Crude up $0.54 or +0.76% at $70.97
  • Natural Gas down $0.04 or -1.03% at $3.375
  • Gold spot up $13.05 or +0.46% at $2868.65
  • Copper up $6.45 or +1.45% at $451.55
  • Silver up $0.17 or +0.52% at $32.3555
  • Platinum up $8.82 or +0.89% at $998.74
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Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. It has been pierced, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play. This week’s appreciation once again, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2711.0, the 50-day EMA. The 20-day EMA is at $2767.4.

  • WTI Crude up $0.54 or +0.76% at $70.97
  • Natural Gas down $0.04 or -1.03% at $3.375
  • Gold spot up $13.05 or +0.46% at $2868.65
  • Copper up $6.45 or +1.45% at $451.55
  • Silver up $0.17 or +0.52% at $32.3555
  • Platinum up $8.82 or +0.89% at $998.74