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Gold Outlook Bullish Despite Turbulent Price Action Last Week

COMMODITIES

Trend conditions in WTI futures remain bearish. Recent gains however, have highlighted a bullish corrective cycle and last week this resulted in a test of the 20-day EMA, at $77.07. A clear break of this hurdle would signal scope for an extension and open $80.57, the 50-day EMA. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.08, the Dec 9 low. Trend conditions in Gold remain bullish despite Thursday’s sell-off. Pullbacks are considered corrective and key short-term support to watch is $1765.9, Dec 5 low. The yellow metal breached $1810.0 last week, the Dec 5 high, to resume the uptrend. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, a Fibonacci retracement. On the downside, a break of $1765.9 would signal scope for a deeper pullback.


  • WTI Crude up $0.62 or +0.83% at $74.46
  • Natural Gas down $0.42 or -6.32% at $6.196
  • Gold spot up $4.36 or +0.24% at $1796.55
  • Copper up $4.6 or +1.22% at $379.8
  • Silver up $0.13 or +0.55% at $23.3407
  • Platinum up $13.66 or +1.37% at $1008.19
Energy BulletsCommodities
Energy BulletsCommodities

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