Gold Prints Seventh Consecutive Higher High
The pullback in WTI futures early last week continues to highlight a bearish threat. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day - a strong bear signal. Yesterday’s move lower reinforces this theme. A continuation lower would open $81.30, Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Gold rallied sharply higher last week and remains bullish this week. Last week’s gains resulted in the break of a number of important resistance points. The yellow metal has cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for an extension towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.
- WTI Crude down $0.58 or -0.68% at $85.27
- Natural Gas up $0.13 or +2.12% at $6.057
- Gold spot up $4.62 or +0.26% at $1775.61
- Copper up $3.2 or +0.84% at $385.95
- Silver up $0.05 or +0.25% at $21.9951
- Platinum up $6.52 or +0.64% at $1028.33