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Gold Remains in Bearish Cycle and Close to Recent Lows

COMMODITIES

WTI futures traded higher Wednesday. However, a short-term bearish threat remains present and initial resistance at $73.93, the Apr 28 low, is intact. A resumption of weakness and a break of $69.41, the May 15 low, would strengthen near-term bearish conditions. The recent print below $64.58, the Mar 20 low and a key support, is a medium-term bearish development. A clear break of it would resume the broader downtrend. Gold remains in a bearish cycle and is trading closer to its recent lows. The yellow metal has cleared support at $1976.2, the 50-day EMA and $1969.3, the Apr 19 low. A clear break of this support zone highlights a stronger bearish threat and opens $1934.3, the Mar 22 low. Key resistance and the bull trigger is at $2063.0, the May 4 high. Initial firm resistance is at $2022.6, the May 12 high.


  • WTI Crude up $0.23 or +0.32% at $72.56
  • Natural Gas down $0.01 or -0.23% at $2.596
  • Gold spot up $7.3 or +0.37% at $1967.07
  • Copper up $4.8 or +1.3% at $373.75
  • Silver up $0.21 or +0.89% at $23.7744
  • Platinum up $2.54 or +0.24% at $1060.73

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