Gold Moving Average Studies Remain in Bull-Mode Position

Bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $75.98, the 50-day EMA. A clear break of this hurdle would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The bear trigger lies at $67.98, the Dec 13 low. A break of this level would open $65.24, the May 4 low and a key support. The Dec 13 reversal in Gold signals the end of the recent Dec 4 - 13 corrective pullback and highlights a bullish theme. Moving average studies are in a bull-mode position too, highlighting an uptrend. A continuation of gains would signal scope for a climb towards key resistance and the Dec 4 all-time high of $2135.4. A break of this level would resume the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.

• WTI Crude up $0.97 or +1.31% at $74.86
• Natural Gas up $0.01 or +0.35% at $2.581
• Gold spot up $7.63 or +0.37% at $2053.97
• Copper up $0.05 or +0.01% at $391.8
• Silver up $0.07 or +0.3% at $24.487
• Platinum up $2.03 or +0.21% at $970.35