Gold Targets $2034.0 Fibonacci Projection Next

WTI futures remain in a bull cycle and Monday’s gap higher strengthens this current condition. The contract has touched a high of $81.81 this week, above key resistance at $81.04, the Mar 7 high. A clear break of $81.04 would signal scope for a continuation higher and open $83.04, the Jan 23 high. Key support is seen at $75.72, the Mar 31 high and the gap low on the daily chart. A pullback, if seen, would be considered corrective. Trend conditions in Gold remain bullish and this week’s resumption of the uptrend reinforces current conditions. The yellow metal has cleared resistance at 2009.7, the Mar 20 high, to post fresh YTD highs and signal scope for a climb towards $2034.0 next, a Fibonacci projection. On the downside, key support has been defined at $1934.3, the Mar 22 low - a break would highlight a potential reversal.

• WTI Crude down $0.36 or -0.45% at $80.28
• Natural Gas down $0.02 or -0.88% at $2.134
• Gold spot down $3.01 or -0.15% at $2017.98
• Copper up $3.8 or +0.95% at $402
• Silver up $0.01 or +0.06% at $24.9553
• Platinum up $6.4 or +0.64% at $1010.39