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Gold Technical Conditions Bullish Despite Short-Term Pullback


WTI futures remain in a downtrend and last week’s recovery appears to be a correction. Note that the latest move higher has allowed a recent oversold condition to unwind. Firm resistance is seen at $72.51 the 20-day EMA. Recent weakness confirmed a resumption of the broader downtrend and has paved the way for a move towards $62.43, the Dec 2 2021 low. The bear trigger is $64.36, the Mar 20 low. Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. The breach on Mar 17 of former resistance at $1959.7, Feb 2 high, confirmed a resumption of the bull trend that started late September 2022. The test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 is seen as a firm support. It is the Mar 17 low and a break would signal scope for a deeper pullback.

  • WTI Crude up $0.66 or +0.95% at $69.8
  • Natural Gas down $0.11 or -5.01% at $2.104
  • Gold spot down $7.33 or -0.37% at $1970.41
  • Copper down $3.15 or -0.77% at $403.95
  • Silver down $0.16 or -0.67% at $23.0729
  • Platinum down $12.28 or -1.25% at $971.65

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