Gold Remains Above 1810.0, Targets 1842.7 Retracement Next

Trend conditions in WTI futures remain bearish. However, recent gains have highlighted a bullish corrective cycle and this has resulted in break of the 20-day EMA, at $76.94. The move above this hurdle signals scope for an extension towards $79.73, the 50-day EMA and a key resistance. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.31, the Dec 9 low. Trend conditions in Gold remain bullish and the recent move lower is considered corrective. Key short-term support to watch is $1765.9, Dec 5 low. The yellow metal breached $1810.0 last week, Dec 5 high, to resume the uptrend. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, a Fibonacci retracement. On the downside, a break of $1765.9 would signal scope for a deeper pullback.

• WTI Crude up $0.81 or +1.03% at $78.83
• Natural Gas up $0.1 or +1.78% at $5.451
• Gold spot up $1.89 or +0.1% at $1817.26
• Copper up $0.3 or +0.08% at $381.1
• Silver down $0.12 or -0.51% at $23.8755
• Platinum up $2.21 or +0.22% at $1005.09