Gold Remains in a Technical Consolidation Mode

WTI futures traded higher last week. The contract has breached resistance at $76.31, the Dec 26 high. The clear break of this hurdle undermines the recent bearish theme and highlights a stronger short-term bullish condition. A continuation higher would signal scope for a climb towards $79.56, the Nov 30 high. On the downside, initial key support lies at $74.55, the 50-day EMA. Monday’s move lower appears - for now - to be a correction. Gold remains in consolidation mode and continues to trade above the Jan 17 low of $2001.9. The recent print below the 50-day EMA and the break of support at $2013.4, the Jan 11 low, has strengthened a bearish threat and a resumption of weakness would open a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.

• WTI Crude up $0.28 or +0.36% at $77.05
• Natural Gas up $0 or +0.19% at $2.059
• Gold spot up $4.44 or +0.22% at $2037.81
• Copper down $0.4 or -0.1% at $387.45
• Silver down $0.08 or -0.34% at $23.1327
• Platinum down $2.63 or -0.28% at $929.74