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Gold Prints Fresh Cycle High Early Thursday

COMMODITIES

WTI Futures prices bounced off the Monday lows and added to gains Wednesday, although amid-session bounce wasn't sustained, putting markets flat into the close. The current bull cycle remains intact for now after the recent breach of $72.72,the Jun 21 high. Last Wednesday's move higher resulted in a break of key resistance at $75.70, the Jun 5 high as well as the 200-dma. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun 12 low. Initial support is at $72.31, the 20-day EMA. Gold shows at a new cycle high early Thursday, adding to recent gains and topping key resistance at 1985.3, the May 24 high. A close above here could presage a stronger reversal higher. Strength follows the break of the 50-day EMA at 1948.3. The break signalled scope for a continuation of the current corrective cycle. This opens $1968.00, the Jun 16 high. Key support and the bear is at $1893.1, the Jun 29 low.


  • WTI Crude up $0.05 or +0.07% at $75.66
  • Natural Gas up $0.05 or +2% at $2.652
  • Gold spot up $4.78 or +0.24% at $1983.49
  • Copper up $6.45 or +1.69% at $387.3
  • Silver up $0.07 or +0.27% at $25.2638
  • Platinum down $0.43 or -0.04% at $977.21

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