MNI China Daily Summary: Wednesday, July 31

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Gold Trades Below Trendline Resistance

COMMODITIES

WTI futures traded higher last week and in the process, cleared both the 20- and 50-EMAs. This has strengthened the bullish theme and signals scope for a continuation higher. Attention is on the next key resistance at $96.82, the Aug 30 high. Initial firm support lies at $87.61, the 50-day EMA. Key support is still far off at $76.25, the Sep 26 low. Gold maintains a softer tone. The recent recovery stalled last week at $1729.5, the Oct 4 high. A continuation lower would expose the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, a break of $1729.5 is required to reinstate a bullish theme.

  • WTI Crude down $0.05 or -0.06% at $89.75
  • Natural Gas up $0.01 or +0.12% at $6.51
  • Gold spot up $5.53 or +0.33% at $1667.56
  • Copper down $2.7 or -0.78% at $341
  • Silver up $0.09 or +0.45% at $19.4158
  • Platinum up $3.8 or +0.43% at $895.32
Energy BulletsCommodities
Energy BulletsCommodities

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