Free Trial

Gold Trades Ahead of 50-Day EMA

COMMODITIES

WTI futures remain above the Feb 22 low of $73.80. The contract has continued to appreciate this week and yesterday breached resistance at the 50-day EMA - the average intersects at $77.92. A continuation of gains would signal scope for a test of resistance at $80.78, the Feb 13 high. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme. Trend conditions in Gold remain bearish and price is trading just ahead of the 50-day EMA, at $1846.0. The bearish break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 2022 and Feb 2. On the upside, a clear break of the 50-day EMA would ease bearish pressure and signal scope for a strong short-term bounce.


  • WTI Crude down $0.24 or -0.31% at $77.81
  • Natural Gas up $0.05 or +1.63% at $2.81
  • Gold spot up $9.69 or +0.53% at $1846.05
  • Copper up $2.75 or +0.67% at $409.8
  • Silver up $0.15 or +0.74% at $21.0494
  • Platinum up $5.36 or +0.56% at $970.94

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.