Free Trial

Gold Target Shifts to $1800/oz Handle

COMMODITIES

The pullback in WTI futures earlier this week undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Gold found support again Thursday and rallied sharply higher. This week’s gains have resulted in the break of a number of important resistance points. Yesterday’s rally cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for a climb towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial support is seen at $1702.3, the Nov 9 low.


  • WTI Crude up $2.15 or +2.49% at $88.62
  • Natural Gas up $0.04 or +0.56% at $6.275
  • Gold spot up $4.78 or +0.27% at $1760.93
  • Copper up $9.9 or +2.63% at $386
  • Silver up $0.1 or +0.44% at $21.8024
  • Platinum up $21.14 or +2.04% at $1058.37

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.