Gold Trades Above 1800 Handle, Targets 1807.9 Next

Trend conditions in WTI futures remain bearish and this week’s gains are still considered corrective. Monday’s move lower resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. MA studies are in a bear mode condition, highlighting the current trend direction. Resistance is at $83.81, the 50-day EMA. Short-term trend conditions in Gold remain bullish and this week’s gains reinforce this condition. Yesterday’s rally resulted in a break of $1786.5, the Nov 15 high and a bull trigger, confirming a resumption of the uptrend. $1800.0 has also been cleared and sights are on resistance at $1807.9, the Aug 10 high. On the downside, key trend support has been defined at $1729.0, the Nov 23 low.

• WTI Crude down $0.37 or -0.46% at $80.81
• Natural Gas down $0.15 or -2.21% at $6.588
• Gold spot down $0.96 or -0.05% at $1802.62
• Copper down $1.05 or -0.28% at $380.55
• Silver up $0.01 or +0.04% at $22.7865
• Platinum down $1.59 or -0.15% at $1042.54