Free Trial

Gold Trades at Fresh Cycle High, Targets 1872.4 3.0% 10-DMA Envelope Next

COMMODITIES

Price action since the turn of year has worked against the bullish short-term WTI futures trend conditions. Key short-term support at $76.79, the Dec 29 low, has given way - which may signal a near-term top. Recent bullish price action resulted in the contract trading above both the 20- and 50-day EMAs, and any resumption of the recovery opens key resistance at $83.27, the Dec 1 high. Trend conditions in Gold remain bullish and the yellow metal has started the year on a firm note, clearing resistance and resuming its uptrend. The break higher signals scope for gains towards $1872.4 next, the 3.0% 10-dma envelope as well as $1896.5, the 61.8% retracement of the Mar - Sep bear leg. Moving average studies are in a bull mode position, highlighting current sentiment. Initial firm support is seen at $1795.00, the 20-day EMA.


  • WTI Crude down $1.4 or -1.82% at $75.74
  • Natural Gas down $0.01 or -0.18% at $3.988
  • Gold spot up $19.56 or +1.06% at $1860.96
  • Copper up $3.5 or +0.93% at $379.95
  • Silver up $0.24 or +1.01% at $24.3237
  • Platinum up $5.3 or +0.49% at $1097.32

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.