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Gold Sell-Off This Week Reinforces Bearish Conditions

COMMODITIES

The uptrend in WTI futures remains intact and this week’s recovery has confirmed a resumption of the trend - resistance at $92.43, Sep 19 high, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on $97.08 next, a Fibonacci projection. Key support has been defined at $88.19, the Sep 2 low. Gold sold off sharply this week, reinforcing bearish conditions. The move lower has resulted in a break of support at $1901.10 and this has been followed by a move through $1884.9, the Aug 21 low. A resumption of the downtrend that started off the early May high has been confirmed. Attention turns to $1839.0, a Fibonacci retracement point. On the upside, initial firm resistance is at yesterday’s high of $1903.9.


  • WTI Crude up $0.26 or +0.28% at $92.09
  • Natural Gas up $0.01 or +0.27% at $2.961
  • Gold spot up $7.24 or +0.39% at $1871.66
  • Copper up $3.6 or +0.97% at $374.4
  • Silver up $0.4 or +1.75% at $23.014
  • Platinum up $7.96 or +0.87% at $917.96

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