Gold Starts the Week on a Bearish Note

The uptrend in WTI futures remains intact and last week’s climb confirmed a resumption of the trend - resistance at $92.43, Sep 19 high, was cleared. This maintains the bullish price sequence of higher highs and higher lows and note that MA studies are in a bull-mode position, reflecting the market's positive sentiment. Sights are on $97.08 next, a Fibonacci projection. Key support is $88.19, Sep 2 low. A break would highlight a possible S/T top. Gold sold off sharply last week and the yellow metal is starting this week’s session on a bearish note. The recent move lower resulted in a break of support at $1901.10 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started off the early May high. Attention is $1839.0, a Fibonacci retracement point. On the upside, initial firm resistance is at $1905.5, the 20-day EMA.

• WTI Crude up $0.29 or +0.32% at $91.05
• Natural Gas down $0 or -0.1% at $2.925
• Gold spot down $7.86 or -0.43% at $1840.75
• Copper down $0.5 or -0.13% at $373.15
• Silver down $0.41 or -1.85% at $21.7711
• Platinum down $1.87 or -0.21% at $906.19