Gold Remains Close to Last Week's Lows

The uptrend in WTI futures remains intact and Friday’s gains confirmed a resumption of the bull cycle. The move higher maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position and this reinforces current bullish conditions. The focus is on $83.59, the Nov 7 2022 high. On the downside, initial firm support has been defined at $78.69, the Aug 3 low. Gold traded lower last week and the yellow metal remains closer to its recent lows. Last week’s move lower confirmed an extension of the bear cycle that started Jul 20. This signals scope for a move towards $1924.5, the Jul 11 low. Clearance of this level would suggest potential for an extension towards the key support at $1893.1, the Jun 29 low. Key resistance is at $1987.5, the Jul 20 high. A break would reinstate a bullish theme.

• WTI Crude down $0.69 or -0.83% at $82.12
• Natural Gas up $0.03 or +1.2% at $2.608
• Gold spot down $6.83 or -0.35% at $1936.08
• Copper down $0.75 or -0.19% at $386.05
• Silver down $0.16 or -0.68% at $23.475
• Platinum up $2.12 or +0.23% at $928.09