Gold Moving Average Studies Remain in Bull-Mode Position, Uptrend Intact

Bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $75.87, the 50-day EMA. The average was pierced yesterday. A clear break of it 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 would resume the downtrend. The Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback and highlights a bullish theme. MA studies are in a bull-mode position too, reflecting an uptrend. A continuation higher would signal scope for a climb towards $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Initial firm support lies at $1973.2, the Dec 13 low.

• WTI Crude down $0.4 or -0.53% at $75.22
• Natural Gas up $0.07 or +2.82% at $2.622
• Gold spot up $0.9 or +0.04% at $2068.64
• Copper up $1.7 or +0.44% at $392.15
• Silver down $0.07 or -0.3% at $24.1534
• Platinum up $0.11 or +0.01% at $983.81