Gold Trades Higher Again Friday, Remains Technically Bearish

A sharp sell-off in WTI futures Tuesday has defined a key resistance at $80.94, Feb 7 high. A break of this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. The contract is trading lower today, extending this week’s bearish move and sights are on $73.80, the Feb 22 low. A breach of this level would strengthen a bearish threat. Initial resistance is seen at $78.06, yesterday’s high. Trend conditions in Gold remain bearish and Tuesday’s strong sell-off reinforces this theme. The move lower signals the end of the recent corrective bounce and attention is on support at $1804.9, the Feb 28 low. A break of this level would confirm a resumption of the downtrend and open $1787.3, a Fibonacci retracement. The yellow metal needs to breach $1858.3, the Mar 6 high, to signal scope for a stronger reversal.

• WTI Crude down $0.4 or -0.53% at $75.37
• Natural Gas down $0.01 or -0.43% at $2.532
• Gold spot up $3.38 or +0.18% at $1833.96
• Copper down $2.65 or -0.66% at $401.4
• Silver up $0.02 or +0.08% at $20.0802
• Platinum down $8.71 or -0.92% at $939.27