Gold Touches 5-Month High Post US CPI, Remains Above 1800

Trend conditions in WTI futures remain bearish. However, the latest recovery and yesterday’s move higher, suggests the contract remains in a short-term corrective cycle. Attention is on resistance at $77.52, the 20-day EMA - a key short-term hurdle for bulls - where a break would signal scope for a stronger recovery. On the downside, the bear trigger lies at $70.08, the Dec 9 low. A break would resume the downtrend. Trend conditions in Gold remain bullish and Tuesday’s gains have reinforced this condition. The yellow metal traded through resistance at 1810.0 yesterday, the Dec 5 high, to confirm a resumption of the uptrend. This also maintains the current bullish price sequence of higher highs and higher lows and signal scope for a climb towards $1842.7, a Fibonacci retracement. On the downside, support to watch lies at $1765.9, the Dec 5 low.

• WTI Crude down $0.01 or -0.01% at $75.47
• Natural Gas down $0.34 or -4.87% at $6.595
• Gold spot down $3.25 or -0.18% at $1807.78
• Copper up $2.55 or +0.66% at $387.05
• Silver down $0.1 or -0.41% at $23.6327
• Platinum up $0.54 or +0.05% at $1035.68