Gold Records Fresh All-Time High Before Paring Gains

The trend outlook in WTI futures is unchanged, it remains bearish and the move lower from last Thursday’s high, reinforces this set-up. Resistance to watch is at $79.65, the Nov 14 high. A breach of this hurdle would strengthen any developing bullish threat and open $83.20, the Nov 3 high. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would confirm a resumption of the downtrend. The trend condition in Gold is bullish. The precious metal spiked sharply higher overnight touching a fresh all-time high of $2135.39. Price has since retraced and is trading closer to the day low, so far. The break higher signals potential for a climb towards 2177.58 next, a Fibonacci projection. The overnight peak of 2135.39 is the bull trigger. A short-term pullback would be considered corrective. Initial support is $2001.5, the 20-day EMA.

• WTI Crude down $0.62 or -0.84% at $73.15
• Natural Gas down $0.1 or -3.62% at $2.707
• Gold spot up $0.4 or +0.02% at $2073.18
• Copper down $7.6 or -1.93% at $385.55
• Silver down $0.3 or -1.19% at $25.1985
• Platinum down $8.35 or -0.89% at $929.2