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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
Energy BulletsCommodities
Energy BulletsCommodities

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