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Gold Trades Ahead of 50-Day EMA


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

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