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Gold Remains Within Close Proximity to Support at 50-Day EMA


A bearish theme in WTI futures remains in play following last week’s sharp sell-off. The recent move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60. The latest pullback in Gold appears to be a correction - for now - and the trend condition is bullish. MA studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open $2022.20, the May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1938.1, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, the Oct 16 low.

  • WTI Crude down $0.08 or -0.1% at $77.2
  • Natural Gas up $0.15 or +4.98% at $3.184
  • Gold spot down $0.98 or -0.05% at $1939.24
  • Copper up $4.35 or +1.21% at $363.15
  • Silver down $0.15 or -0.69% at $22.117
  • Platinum up $6.03 or +0.71% at $851.84

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