Gold Price Action Remains Bullish, Breaks Through Friday High

WTI futures have started the week on a bearish note. Today’s sell-off has resulted in a break of key support and the bear trigger at $74.96, the Sep 28 low. This confirms a resumption of the broader downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Initial resistance is at $79.90, Friday’s high. Short-term trend conditions in Gold remain bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, Aug 10 high. The bull trigger is at $1786.5, the Nov 15 high. Initial firm support is seen at $1702.3, the Nov 9 low. First support to watch is at the 20-day EMA that intersects at $1729.2.

• WTI Crude down $2.39 or -3.13% at $73.85
• Natural Gas down $0.31 or -4.47% at $6.71
• Gold spot up $6.99 or +0.4% at $1759.31
• Copper down $2.8 or -0.77% at $359.6
• Silver down $0.2 or -0.93% at $21.4529
• Platinum up $7.27 or +0.74% at $990.38