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Gold Prices Moderate, Erasing Post-Fed Gains


A sharp sell-off on Wednesday and weakness Thursday in WTI futures has reinforced current bearish conditions. The contract has breached support at $78.45 this week, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension to $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, Jan 18 high. A break of this level is required to reinstate the recent bullish theme.

Trend conditions in Gold are bullish and Thursday’s move lower is considered corrective. This week’s print above 1949.20, the Jan 26 high, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $1963.0, a Fibonacci retracement. Initial firm support to watch lies at $1907.40, the 20-day EMA and $1900.9, the Jan 31 low. A break of this zone would signal a short-term reversal.

  • WTI Crude up $0.22 or +0.29% at $76.02
  • Natural Gas down $0.02 or -0.77% at $2.438
  • Gold spot up $1.61 or +0.08% at $1914.7
  • Copper up $3.5 or +0.86% at $412.3
  • Silver up $0.03 or +0.13% at $23.5047
  • Platinum up $4.07 or +0.4% at $1028.99

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