Gold Moving Average Studies Remain in a Bull-Mode Position

Bearish conditions in WTI futures remain intact and recent gains appear to be a correction. Resistance to watch is $76.14, the 50-day EMA. Last week’s fresh trend low reinforces a bearish theme and the break of $69.08, Dec 7 low, confirms a resumption of the trend. This maintains the price sequence of lower lows and lower highs and note that MA studies are in a bear-mode position. A resumption of weakness would open $67.07, the Jun 23 low. Gold traded sharply higher Dec 13. This signals a short-term reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. A break of this level would confirm a resumption of the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.

• WTI Crude up $0.52 or +0.7% at $74.58
• Natural Gas up $0.04 or +1.69% at $2.533
• Gold spot up $0.11 or +0.01% at $2040.84
• Copper up $2.9 or +0.74% at $392.9
• Silver up $0.01 or +0.05% at $24.06
• Platinum down $2.4 or -0.25% at $955.52