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Gold Remains Close to Recent Cycle Highs


WTI futures traded lower Monday as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is unchanged and remains bullish plus the recent move lower appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top. Gold conditions are unchanged - the metal remains firm and traded to a fresh cycle high last Friday. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, the May 15 high. Initial firm pivot support lies at $1924.4, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.

  • WTI Crude up $0.6 or +0.73% at $82.89
  • Natural Gas up $0.03 or +1.01% at $3.388
  • Gold spot up $1.38 or +0.07% at $1997.46
  • Copper up $1 or +0.27% at $366.9
  • Silver down $0.1 or -0.43% at $23.226
  • Platinum up $2.03 or +0.22% at $937.64

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