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Gold Remains Above Weekly Lows Despite Sharp Sell-Off

COMMODITIES

Trend conditions in WTI futures remain bearish. However, recent gains have highlighted a bullish corrective cycle and Thursday’s climb signals an extension of this phase. The contract has cleared the 20-day EMA, at $77.00. Price has tested resistance at $79.64, the 50-day EMA and a key hurdle for bulls. A break of this level would strengthen the short-term bullish outlook. Initial key support has been defined at $73.40, the Dec 16 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 recently breached $1810.0, 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 $1.07 or +1.38% at $78.52
  • Natural Gas down $0.04 or -0.7% at $4.964
  • Gold spot up $4.48 or +0.25% at $1797.05
  • Copper up $4.3 or +1.14% at $379.95
  • Silver up $0.17 or +0.73% at $23.7409
  • Platinum up $12.22 or +1.24% at $995.63
Energy BulletsCommodities
Energy BulletsCommodities

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